Transactions
The secretariat of the Takeover Board classifies transaction properties on this website according to the following criteria. They are intended solely as aids to research and are in no way to be regarded as expressions of the Board’s legal opinions. Changes may be made at any time. Users are invited to report inaccurate classifications to the secretariat at info@takeover.ch.
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Compulsory offer |
Offers which are binding at the moment of the examination of the offer prospectus. Offers which only become binding at a later date are classified as voluntary offers. |
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Voluntary offers |
Offers which are not binding at the moment of the examination of the offer prospectus. |
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Rival offers |
More than one offer is made in a transaction. In such a case, the classifications "compulsory offer, voluntary offer, initially friendly, initially unfriendly, friendly completion, unfriendly completion, pure cash offer, pure exchange offer, mixed offer, and exchange offer with cash alternative" do not apply. |
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initially friendly |
The board of the target company recommends the offer in its report or makes no recommendation. |
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initially unfriendly |
The board of the target company recommends that the offer be rejected in its report. |
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friendly completion |
The board changes its initial recommendation in a later report during an initially unfriendly offer. The board does not change its initial recommendation in a later report during an initially friendly offer.
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unfriendly completion |
The board changes its initial recommendation in a later report during an initially unfriendly offer. The board does not change its initial recommendation in a later report during an initially friendly offer.
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pure cash offer |
The payment of the offer is in cash. |
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pure exchange offer |
The payment of the offer is in shares to be exchanged. |
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mixed offer |
The payment of the offer is partly in cash and partly in shares to be exchanged. |
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exchange offer with cash alternative |
The payment of the offer is either in shares to be exchanged or in cash, as the payee chooses. |
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Exception to compulsory offer |
The Takeover Board decides whether an exception to a compulsory offer is permitted in the transaction. |
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(non-)existent compulsory offer |
The Takeover Board decides on the existence of a compulsory offer in the transaction. |
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(non-)assignment of Swiss law |
The Takeover Board decides explicitly on the applicability of Swiss takeover law in the transaction. |
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buyback |
The transaction involves the buyback of shares. |
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Reporting procedure exemption |
The question of the exemption of a buyback offer is decided in a simple reporting procedure by the secretariat of the Takeover Board. |
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Other exemptions |
The question of the exemption of a buyback offer is decided in a regulatory procedure by the Takeover Board. |
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Fixed price |
The buyback offer involves a fixed cash price. |
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Regular line |
The buyback offer is a buyback programme performed on the regular trading lines of the Exchange at market prices. |
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Special line |
The buyback offer is a buyback programme performed on a special trading line of the Exchange at market prices. |
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Put options |
The buyback offer is made through the issue of put options. |
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exchange |
The buyback offer involves a fixed price and is performed through an exchange of shares. |
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Potential offer |
The takeover Board makes a "put up or shut up" decision about a transaction. |
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No properties |
The transaction exhibits no properties. |