Bucherer launches bid to gain full control
The majority owner of the luxury goods group, Bucherer, said on Monday that he was trying to gain full control of the company and take it off the stock exchange.
Joerg Bucherer said he would bid SFr1,500 for every Bucherer participation share. The price is more than 55 per cent higher than the average price over the last twelve months and 30 per cent above Friday's closing price.
The offer will run from October 16 to 27. Mr Bucherer, the company's chairman and chief executive, already owns more than 92 per cent of the participation shares after his last buy out bid in 1997.
The offer is aimed at the holders of 19,261 participation shares, making a transaction value of SFr28.9 million.
Analysts say Mr Bucherer wants to simplify the share structure to win greater room for flexibility.
Bucherer's first half turnover rose 39 per cent to SFr233 million. Operating profit for the year is expected to increase by around 20 per cent.
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