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 proposed to its shareholders a capital increase of CHF 104.5 million and an amendment to its articles of association (opting-up clause) enabling Lupa Systems LLC to acquire a holding of over 33.3% and up to 49% of MCH Group without being required to publish a public takeover bid. The proposals were approved by MCH Group’s shareholders on 3 August 2020. However, on 20 August 2020, the Swiss Takeover Board (TOB) ruled that under takeover law the opting-up clause adopted by the shareholders’ meeting is invalid. MCH Group subsequently announced that it is filing an appeal with the Swiss Financial Market Supervisory Authority (FINMA) against the TOB’s ruling.