Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 250

Quadrant Ruled to Have Been Correctly Acquired by Aquamit

Posted by fidest press agency su venerdì, 14 dicembre 2012

Amsterdam and Zurich, (PRNewswire) The Swiss Takeover Board (TOB) issued an order today reaffirming the correctness of the public tender offer made by Aquamit B.V. for Quadrant AG in 2009. The TOB confirms in its order that the offer price paid to minority shareholder Sarasin Investmentfonds AG complied with all the relevant legal requirements. Sarasin (which is now part of the Safra Group controlled by Joseph Y. Safra) held 2% of Quadrant’s shares at the time of the public tender offer and is defeated in a long-standing legal dispute lasting over three years. Independent review body also confirm correctness of Quadrant offer price The TOB’s ruling of today is based on an extensive study by Kepler Capital Markets, a further FINMA-approved independent review body. Kepler Capital Markets performed a detailed evaluation of the nature and content of all the ancillary services provided at the Aquamit level at the time of the Quadrant acquisition. After assessing in detail and comparing all such services provided by Aquamit, Quadrant’s management and Mitsubishi Plastics, the review body came to the same conclusion in its report as Deloitte (Switzerland), the first such review body, had in 2009. Based on this, the Swiss Takeover Board (TOB) has confirmed today that the relevant pricing rules under Swiss takeover law were complied with in full. Sarasin Investmentfonds AG has lodged a series of objections and appeals over the past few years with the aim of securing further payments for its former Quadrant holding in addition to the purchase price paid. It has done so despite (like all further minority shareholders) having voluntarily tendered its Quadrant shares for purchase at the time of the takeover offer. The Swiss Takeover Board (TOB) reiterates in its order today that the offer submitted by Aquamit B.V. complied with all the relevant legal requirements. The subsequent complaints and objections have proved extremely costly and time-consuming for both parties, and resulted in a protracted legal dispute over a successful and properly-conducted acquisition. Sarasin Investmentfonds AG, which is domiciled in Basel, Switzerland, has the possibility to appeal the Swiss Takeover Board’s (TOB) order to FINMA within 5 trading days.
Aquamit B.V., which is domiciled in Amsterdam (the Netherlands), owns 100% of Quadrant AG. Aquamit is jointly owned (50% each) by Mitsubishi Plastics Inc. and the founders of Quadrant AG.

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