Publigroupe case: Tamedia complaint dismissed
The Takeover Committee of the Swiss Financial Market Supervisory Authority (FINMA) has dismissed a complaint filed by Tamedia. The complaint concerned a ruling requiring Tamedia to adjust its public tender offer for Publigroupe, which was made on May 11.
Tamedia only wanted to take over the advertising marketer on the condition that its loss-making subsidiary Publicitas would actually be sold. This condition was deemed by the Swiss Takeover Board (TOB) not to comply with the statutory provisions on public takeover bids, as detailed in a press release issued on Thursday. Tamedia had lodged an appeal against this with the next higher instance.
Tamedia's merger with Swisscom made the takeover bid practically obsolete. Legally, however, the offer still existed, which is why the Finma Takeover Committee had to deal with the issue.
According to the Finma ruling of July 3, "the sale of Publicitas, the media sales division of Publigroupe, to the German company Aurelius was completed as announced on June 30, 2014". In its ruling, the Finma Takeover Committee dismissed Tamedia's appeal "insofar as it has not become irrelevant".
The Swiss Takeover Board has determined that Swisscom's public takeover offer to Publigroupe shareholders complies with the statutory provisions, "provided that the offer prospectus is corrected", it added. (SDA)
