Almost 90 percent of shares tendered: Goldbach takeover moves closer
Tamedia's takeover bid for the Goldbach Group has cleared a major hurdle. By the end of the offer period, a total of 89.48 percent of the shares had been tendered to Tamedia. The offer is therefore expected to be successful.
The additional acceptance period for shareholders who have not yet tendered their shares begins on March 27 and lasts until April 11, 2018 at 4:00 p.m.
On December 22, 2017, the media group Tamedia pre-announced a public tender offer for all shares in the Goldbach Group. On February 2, 2018, Tamedia published the detailed offer prospectus for the takeover at CHF 35.50 per registered share. By the end of the offer period on March 20, 2018 at 4 p.m., 5,631,725 Goldbach Group shares had been tendered - i.e. they were offered for sale to Tamedia. This corresponds to 89.48 percent of the maximum number of 6,293,876 Goldbach shares to which the offer relates.
| Maximum number of shares Goldbach Group | Number of shares tendered under the offer | Participation and success rate |
|---|---|---|
| 6'293'876 | 5'631'725 | 89.48% |
This interim result is provisional. Tamedia will publish the definitive interim result of the offer on March 26, 2018. Shareholders who have not yet tendered their shares may do so during the additional acceptance period of ten trading days between March 27 and April 11, 2018, 16:00 CEST.
Following the completion of the Offer, Tamedia intends to encourage Goldbach to apply to the SIX for the delisting of the Goldbach Shares. In the event that more than 90 percent of the shares are tendered to Tamedia, Tamedia plans to compensate the remaining minority shareholders in the form of a cash settlement.
The offer is subject to the offer restrictions set out in the offer prospectus. Among other things, the Offer is subject to the approval of the Swiss Federal Competition Commission. Tamedia and Goldbach expect to receive this approval in May or, in the event of an in-depth review, in September 2018 at the latest. It is therefore expected that the completion of the Offer, subject to the fulfillment of all conditions of the Offer, will be postponed accordingly as reserved in the Offer Prospectus.
