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9 August 2018

On 20 June 2018, the Cantonal Bank of Basel published the preannouncement and on 2 August 2018 the offer prospectus of its public tender offer for all publicly held bearer shares of Bank Cler, which is listed on the SIX Swiss Exchange. The Cantonal Bank of Basel offers CHF 52 per share of Bank Cler (subject to dilution effects). On 31 July 2018 the Cantonal Bank of Basel concluded a transaction agreement with Bank Cler regarding the public tender offer. Taking into consideration the results of the Fairness Opinion of an independent Expert (PricewaterhouseCoopers AG), the board of directors of Bank Cler recommends to its shareholders to accept the offer. The offer period starts on 17 August 2018 and ends on 13 September 2018. If the offer is successful and all conditions are satisfied or waived, the settlement of the offer is expected to occur on 17 October 2018. In its decision of 31 July 2018, the Swiss Takeover Board held that the public tender offer of the Cantonal Bank of Basel to the shareholders of Bank Cler meets the legal requirements.
 
VISCHER advises the Cantonal Bank of Basel in connection with this transaction. The team led by Dr. Robert Bernet (Partner, M&A / Corporate) and Dr. Stefan Grieder (Partner, M&A / Banking&Finance) includes Dr. Peter Kühn (Managing Associate, M&A / Banking&Finance), Vincent Reardon (Senior Associate, M&A / Banking&Finance), Ruben Masar (Associate, M&A / Corporate), Sandro Bernet (Junior Associate, M&A / Corporate), Dr. Stefan Rechsteiner (Partner, Regulatory) and Michèle Trottmann (Associate, Regulatory).

Categories: Banking & Finance, Mergers & Acquisitions, Deals & Cases

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