If an acquisition of a company is subject to the Swiss takeover rules, articles 22 et seq. of the Federal Act on Stock Exchanges and Securities Trading (Stock Exchange Act, SESTA) and the Ordinance of the Takeover Board on Public Takeover Offers (Takeover Ordinance, TOO) impose a number of obligations on the offeror, the persons acting in concert with the offeror as well as the board of directors and significant shareholders of the target company.
SwitzerlandFinance and Banking
This article was originally published within the International
Mergers & Acquisitions Review 2012. Please visit www.euromoney-yearbooks.com
for further details.
If an acquisition of a company is subject to the Swiss takeover
rules, articles 22 et seq. of the Federal Act on Stock Exchanges
and Securities Trading (Stock Exchange Act, SESTA) and the
Ordinance of the Takeover Board on Public Takeover Offers (Takeover
Ordinance, TOO) impose a number of obligations on the offeror, the
persons acting in concert with the offeror as well as the board of
directors and significant shareholders of the target company. Such
legal entities or persons thus have great interest in knowing
whether or not (or to which extent) the Swiss takeover rules apply.
This article aims to firstly briefly outline the scope of the
application of articles 22 et seq. SESTA and to secondly allude to
the topic of analogous application of such rules.
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