Deals & Cases | 20 Nov 2018
FRORIEP advised BFW Liegenschaften AG (SIX: BLIN) on Public Share Buy-Back
On 5 October 2018, SIX Swiss Exchange listed BFW Liegenschaften AG announced a share buy-back program at a fixed price related to a maximum of 935’351 listed registered class A shares, corresponding to a maximum of 20% of BFW Liegenschaften AG’s issued share capital. Upon request on behalf of BFW Liegenschaften AG, the Swiss Takeover Board issued its decision on 28 September 2018 based on which the public share buy-back was exempt from the provisions on public takeover offers. The share buy-back was closed on 2 November 2018 at a tender ratio of 151.5%, respectively a total of 1’417’243 tendered class A shares, corresponding to 30.3% of the entire share capital. Consequently, the total number of tendered class A shares were proportionally reduced to a total of 935’351 listed class A shares with an equivalent value of CHF 42.09 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 extraordinary shareholders’ meeting on 5 December 2018.
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).