BOBST Group SA’s largest shareholder, JBF Finance SA, has made a public tender offer for the publicly held shares it does not already own.
JBF of Buchillon, Switzerland, holds approximately 53% of the shares and voting rights in the company, BOBST says in a news release.
JBF says it will pay 78 Swiss francs in cash per BOBST Group share, which represents a premium of 22% compared to the average price of the four weeks prior to the announcement in late July.
The offer is not subject to substantial conditions.
Following completion of the offer, JBF expects to take BOBST Group private through a delisting of its shares from SIX Swiss Exchange.
“This offer will give the company the appropriate conditions to deploy a long-term strategy, to execute its digital transformation, and to maintain its strong Swiss industrial activities,” the company says. “… The Board of Directors of BOBST Group, represented by the Committee of Independent Directors, has reviewed the offer, is convinced of the business rationale of the transaction, and welcomes the possibility for shareholders to tender their shares at a premium in these uncertain times.”
The company says the transaction highlights include the following:
- BOBST Group continues to be managed by independent board members and family board members, as it is today;
- BOBST Group will enjoy the best possible conditions to transform the business into a digitized, connected, and sustainable packaging supply chain; and
- JBF is committed to the long-term legacy of the 5th generation of families and to sustaining the industrial base of Switzerland.
BOBST Group of Mex, Switzerland, expects the offer to settle in November.
Founded in 1890 by Joseph BOBST in Lausanne, Switzerland, BOBST has a presence in more than 50 countries, runs 19 production facilities in 11 countries, and employs more than 5,800 people worldwide.