Sika bidder Saint-Gobain could acquire Burkard shares despite favourable court ruling for board (translated)
Saint-Gobain [EPA:SGO] could still acquire the Sika [VTX:SIK] share package held by the Burkard family even if a Zug Superior Court decision rules in favour of the Sika board, Tagesanzeiger reported.
The Swiss daily said an SGO spokesperson confirmed the potential scenario that the group could exercise its option to acquire the Burkard shares even if the Zug court rules in favour of the Sika board, thereby restricting its voting rights to 3%, and it is unable to acquire a controlling 53% voting rights majority as specified in the contract.
SGO agreed to acquire the Burkard shares in December 2014 for a sum of CHF 2.75bn but has yet to transfer any payment to the Sika board, following disputes on the deal, the report noted.
A court decision is expected in the next few weeks, it added.
The Sika share has gained 95% since the deal was struck and reached a record price of CHF 7,600 this week, the report stated.