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Oerlikon's offer price of CHF 135 per Saurer share
03 Nov '06
1 min read
The Swiss Takeover Board decided with regards to the mandatory offer by OC Oerlikon to all Saurer Management AG shareholders that the options purchased by OC Oerlikon must be qualified as indirect share purchases; this decision is in line with Saurer's submission.
As a consequence, the law requires that the “Best-price” is calculated as the sum of the option price and the strike price and amounts to CHF 133.10 per share.
However that calculated “Best-price” is below the offer price of CHF 135 per share that was negotiated between Saurer's Board of Directors and OC Oerlikon and published in the Offer Prospectus on October 18. Saurer had welcomed that offer as being attractive in a press release on October 17.
The higher price of CHF 135 per share is therefore still valid after the recommendation of the Swiss Takeover Board.
The Board of Directors will publish its report in line with the aforementioned considerations within the next days.
As a consequence, the law requires that the “Best-price” is calculated as the sum of the option price and the strike price and amounts to CHF 133.10 per share.
However that calculated “Best-price” is below the offer price of CHF 135 per share that was negotiated between Saurer's Board of Directors and OC Oerlikon and published in the Offer Prospectus on October 18. Saurer had welcomed that offer as being attractive in a press release on October 17.
The higher price of CHF 135 per share is therefore still valid after the recommendation of the Swiss Takeover Board.
The Board of Directors will publish its report in line with the aforementioned considerations within the next days.
Saurer Management AG
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