Swiss Takeover Board rules on Panalpina
After DSV published a public exchange offer for all publicly held registered shares of Panalpina, the Basel-based company filed various requests with the Swiss Takeover Board.
The Takeover Board's decision reads as follows: Request no. 1 is partially granted: cover purchases of DSV shares by Panalpina to fulfil its obligations under existing share plans are not subject to the best price rule. Panalpina is also granted an exemption from the best price rule for covering purchases of shares of its own company to fulfil its obligations under existing share plans.
Request no. 2a is partially granted: cover purchases of shares of DSV by Panalpina to fulfil its obligations under existing share plans do not give rise to the obligation of submitting a cash alternative.
In addition, Panalpina is granted an exception from the obligation to submit a cash alternative for covering purchases of shares of its own company to fulfil its obligations under existing share plans. (mw)