Merger of Neue Aargauer Bank AG (NAB) with Credit Suisse (Switzerland) Ltd

On 25 August 2020, Credit Suisse announced its plan to merge the business of its wholly-owned subsidiary, Neue Aargauer Bank AG (NAB), with that of Credit Suisse (Switzerland) Ltd., NAB’s direct parent company. NAB is a universal bank in the Canton of Aargau and approximately CHF 19 billion of assets under management as well as a mortgage volume of CHF 19.1 billion (as of 31 December 2019).

Liberty Global to Acquire 100% of Sunrise Communications Group by Tender Offer

On 12 August 2020, Liberty Global plc announced that it plans to acquire 100% of Sunrise Communications Group AG (Sunrise) via an all-cash public tender offer for all publicly held shares of Sunrise, valuing Sunrise’s equity at CHF 5.0 billion. Sunrise’s board of directors has announced that it has unanimously resolved to recommend the offer. Freenet AG, Sunrise’s largest shareholder with 24.4% of the capital, has agreed to tender its shares into the offer. 

Dufry AG to acquire all remaining equity interest in Hudson Ltd.

On 19 August 2020, Dufry announced that it had signed a definitive agreement pursuant to which Dufry would acquire all the remaining equity interest in Hudson, that it does not already own, for USD 7.70 in cash per Hudson Class A share. Upon completion of the transaction, Hudson will be delisted from the New York Stock Exchange. Dufry intends to finance the transaction through an equity capital increase by way of a rights issue. UBS AG and Credit Suisse AG as joint global coordinators and joint bookrunners. 

GesKR Event on the New Corporate Law (GesKR-Tagung zum neuen Aktienrecht)

Capital Market – Law and Transactions XVI (Kapitalmarkt – Recht und Transaktionen XVI)

Polyphor’s up to CHF 19.3 Million Equity-Linked Financing

Polyphor AG announced that it has entered into an equity-linked financing arrangement with the French company IRIS to raise a gross amount of up to CHF 19.3 million over a period of two years. Under the innovative financing instrument, IRIS will receive Polyphor shares to be created from the company’s conditional capital based on an interest-free mandatory convertible bonds program.

Meyer Burger Technology’s Rights Offering

On 29 July 2020, Meyer Burger Technology AG completed a capital increase comprising a rights offering to its shareholders and a private placement to selected investors, resulting in gross proceeds of approximately CHF 165 million. Meyer Burger intends to use the proceeds to finance the strategic transformation from a supplier of photovoltaic production equipment to a manufacturer of solar photovoltaic cells and modules and the related ramp-up of production capacities. Credit Suisse acted as Global Coordinator and Joint Bookrunner and Zürcher Kantonalbank acted as Joint Bookrunner in connection with the rights offering.

Public Repurchase Offer for Existing Convertible Bonds by Basilea Pharmaceutica Ltd

On 28 July 2020, Basilea Pharmaceutica completed the offering of approximately CHF 97 million 3.25% convertible bonds due 2027 to finance the repurchase of a part of Basilea’s existing convertible bonds due 2022. With the repurchase of part of its existing bonds financed by newly issued bonds, Basilea was able to extend its debt maturity profile and to optimize its debt structure. The reference price for the conversion price of the new convertible bonds was set by the placement of shares in Basilea.

Goldman Sachs International and UBS AG acted as Joint Global Coordinators in the placement of the new convertible bonds and as dealer managers in the public repurchase offer of the existing convertible bonds.

Swiss Re Update of USD 10 Billion Debt Issuance Programme and Offering of EUR 800 Million Guaranteed Subordinated Notes, as well as SGD 350 Million Guaranteed Subordinated Notes

The Swiss Re group has recently updated its USD 10 billion Debt Issuance Programme, and thereunder has issued (i) EUR 800 million Guaranteed Subordinated Fixed Rate Reset Step-Up Callable Notes with a scheduled maturity in 2052 and (ii) SGD 350 million Guaranteed Subordinated Fixed Rate Reset Callable Notes with a scheduled maturity in 2035.

New Anchor Shareholder in MCH Group

On 10 July 2020, MCH Group AG announced a comprehensive set of measures, including a new anchor investor, Lupa Systems LLC, an independent private investment company owned by James Murdoch. In order to strengthen its capital structure and shareholder base and to accelerate its ongoing transformation, MCH Group’s board of directors proposes to its shareholders a capital increase of CHF 104.5 million, Lupa Systems as a new anchor shareholder and a restructuring of the group’s debt capital. Lupa Systems and the public sector shareholders, which are expected to each hold around one third of MCH Group’s shares, have signed a long-term relationship agreement to, among other things, secure Art Basel in Basel and are fully committed to the strategic direction announced by MCH Group last autumn. The comprehensive set of measures proposed by MCH Group will only be implemented if MCH Group’s shareholders approve all proposals at the extraordinary general meeting to be held on 3 August 2020.