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SIG welcomes recommendation of the Swiss Takeover Board SIG welcomes recommendation of the Swiss Takeover Board: fair bidding process thereby assured In a recommendation published today, the TOB Swiss Takeover Board ( http://www.takeover.ch ) decided that Ferd/CVC (represented by Romanshorn S.A.) must sign all “the customary contracts for admission” in accordance with the SIG requirements, prior to being granted access for due diligence. Moreover, the TOB established that the auction process initiated by SIG is “in the interests of the shareholders and fundamentally in accordance with the spirit and purpose of takeover law and, indeed, even desirable”; and hence, permissible. Furthermore, the TOB determined that the purchase agreements between Ferd/CVC and Sterling violate the principle of equal treatment. Such equal treatment of the shareholders is to be re-established through Ferd/CVC’s increasing the price alignment option to the value level calculated by an auditor and determined by the Swiss Takover Board. SIG welcomes these recommendations as they ensure the equality of all stakeholders demanded by SIG and equal treatment of the shareholders. Ferd/CVC signed yesterday the “customary undertaking of confidentiality” required by the TOB for the due diligence admittance. Thus, Due Diligence can begin for Ferd/CVC on Monday, October 30th. Download Media Release 061027 News overview >> |
