Takeover offer for Sunrise
On August 12, 2020, Liberty Global plc. published the pre-announcement in relation to its public tender offer for all publicly held shares of Sunrise Communications Group AG. The offer price of CHF 110 per Sunrise Share represents a premium of 32% to the 60-day volume-weighted average share price prior to the pre-announcement and values Sunrise’s equity at CHF 5.0 billion, representing a total enterprise value of CHF 6.8 billion. The Board of Directors of Sunrise unanimously resolved to recommend the offer for acceptance.
The offer prospectus will be published in the coming weeks. Closing is subject to customary conditions, including an acceptance level of 66.67% of all Sunrise Shares, receipt of required regulatory approvals and absence of a material adverse effect. Subject to these and other conditions, closing is expected to occur around year-end.
Lenz & Staehelin is advising Sunrise in this transformational transaction. The team includes partners Hans-Jakob Diem and Tino Gaberthüel (both Corporate), Patrick Schleiffer (Capital Markets), Astrid Waser (Regulatory/Antitrust), as well as associates Simone Ehrsam, Lukas Held, Ann Weibel and Federico Trabaldo Togna (all Corporate), Patrick Schärli (Capital Markets), Damian Joho and Sandro Travaglini (both Regulatory/Antitrust).