BFW Holding makes progress with takeover of BFW properties
To date, just under 600,000 shares in BFW Liegenschaften have been tendered to BFW Holding, representing approximately 23.7% of the outstanding share certificates.
BFW Holding has taken a step forward in its acquisition of BFW Liegenschaften. According to the provisional interim results, 599,750 registered shares category A were tendered to the holding company by the end of the offer period on January 20, 2020, corresponding to a success rate of 23.70%.
BFW Holding is offering CHF 44.25 net per class A registered share. Beat Frischknecht, founder of BFW Liegenschaften and sole owner of BFW Holding, previously held 26% of the share capital and 68.2% of the voting rights, according to company information. He wants to reach at least 90%. After that, a squeeze-out is to be initiated and subsequently the registered shares category A are to be delisted.
The holding company intends to provide information on the outcome of the public tender offer in the context of the publication of the definitive interim results - presumably on January 24, 2020.
A grace period for public shareholders will run from Jan. 27 to Feb. 7, 2020, according to the release, with the offer expected to be completed on Feb. 14, 2020. (ah)
