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Roche says controlling family won’t have to make offer to other shareholders -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Roche’s logo can be seen at Basel headquarters, Switzerland on January 30, 2020. REUTERS/Arnd Wiegmann

ZURICH, Reuters – Roche stated Friday that it would not be required to present an offer to any shareholders following the $20.7 billion purchase of Novartis’ nearly one-third voting stake.

The Swiss takeover board granted exemption to family shareholders that previously controlled 45.01% in voting rights at Roche. On the website of the board, it was confirmed.

A mandatory offer obligation in Switzerland is usually triggered when a shareholder, or group of shareholders, acquires stock securities in a Swiss listed company exceeding 33.33%.

Roche announced on Thursday when Novartis was acquired, it would use debt financing to fund what it calls a “disentanglement between two competitors”. It plans to reduce capital by cancelling repurchased stock to gain full strategic flexibility.

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