Are there any specific regulatory bodies governing takeovers in Switzerland?
The Swiss Takeover Board (TOB) and the Swiss Financial Market Supervisory Authority (FINMA) supervise public takeover offers. The TOB can issue binding and enforceable orders against the parties. TOB orders may be appealed to the FINMA. The FINMA’s decisions can be appealed to the Federal Administrative Court. 8) What are the various methods by which a takeover can be achieved, including any flexibility over deal terms and price, requirement for committed funding and break fees? Takeovers and prior acquisitions: Potential bidders often seek to acquire a significant stake in the target prior to the launch of the public tender offer. Generally, this can be achieved through (i) irrevocable undertakings from the target’s major shareholders to tender their shares, or (ii) an outright purchase before the offer is announced. If irrevocable undertakings or acquisition agreements are entered into during the 12 month period before the public tender offer is announced, the offer documentation mus
