Deals & Cases | 11 Apr 2019

FRORIEP advised BFW Liegenschaften AG (SIX: BLIN) on Public Share Buy-Back

On 12 March 2019, SIX Swiss Exchange listed BFW Liegenschaften AG announced a share buy-back program at a fixed price related to a maximum of 354’000 listed registered class A shares, corresponding to a maximum of 9.46% of BFW Liegenschaften AG’s issued share capital. Upon request on behalf of BFW Liegenschaften AG, the Swiss Takeover Board on 26 February 2019 confirmed that the public share buy-back was exempt from the provisions on public takeover offers. The share buy-back was closed on 8 April 2019 at a tender ratio of 142.4%, respectively a total of 504’010 tendered class A shares, corresponding to 45.87% of the entire share capital. Consequently, the total number of tendered class A shares were proportionally reduced to a total of 354’000 listed class A shares with an equivalent value of CHF 15.93 million. The shares so repurchased under the share buy-back program shall be cancelled by way of a share capital reduction to be resolved at the ordinary  shareholders’ meeting on 7 May 2019.

BFW Liegenschaften AG was advised by UBS Switzerland AG as lead bank for the execution and settlement and by FRORIEP as legal counsel for all legal work in connection with the public share buy-back program. The FRORIEP team consisted of partner Dr. Catrina Luchsinger Gähwiler and counsel Dr. Mark Montanari (both Capital Markets).

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