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2006-10-27 News Headlines
Packaging solutions provider oks fair bidding process SIG, a global provider of packaging solutions, welcomes the recommendation of the Swiss Takeover Board for a fair bidding process assuring due diligence.
In a recommendation published today, the TOB Swiss Takeover Board decided
that Ferd/CVC (represented by Romanshorn S.A.) must sign all “the
customary contracts for admission” in accordance with the SIG requirements,
prior to being granted access for due diligence. Moreover, the TOB established
that the auction process initiated by SIG Holding AG is “in the
interests of the shareholders and fundamentally in accordance with the
spirit and purpose of takeover law and, indeed, even desirable”;
and hence, permissible. Furthermore, the TOB determined that the purchase
agreements between Ferd/CVC
and Sterling violate the principle of equal treatment. Such equal
treatment of the shareholders is to be re-established through Ferd/CVC’s
increasing the price alignment option to the value level calculated by
an auditor and determined by the Swiss Takover Board.
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