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http://www.sonntagszeitung.ch/read/sz_01_03_2015/wirtschaft/Schmid-auf-dem-Schleudersitz-28962 Type text or a website address or translate a document. Schmid on the ejection seat

Victor Weber, Cornelia Krause

Zurich Senior Board Andreas Schmid (Zurich Barry Callebaut AG, Oettinger Davidoff Group gate airport) is a fighter. But the General Assembly of the airline caterer Gate Group on 16 April he sees fear against heart. A group of shareholders challenge him openly. "It's about to overthrow Andreas Schmid. It is no longer acceptable, "said Rudolf Bohli, manager of hedge fund RBR Capital, a month before the newspaper" Finanz und Wirtschaft "(FuW).

Meanwhile Bohli has increased the pressure: The RBR Capital has recently formed with the British hedge fund Camox a master group that controls around 12 percent of the vote. The common goal: as many, if not all, of the Board of Directors to replace. "We want a clean cut. A better Directors as we could make this in any case. The candidates we have already found, "says Camox-founder Jonathan Herbert. The Camox Master Fund invests primarily in small to medium sized European companies are facing a turnaround or a breakthrough in product development and as promised fast earnings growth.

Opponents have been invited to a press conference

Camox-founder Herbert knows Gate Group well. He was already invested twice, most recently in 2011 but grew disappointed with management and stock performance again. In January, he bought back blocks of shares. After talking with Bohli germinated in him the hope of impending changes in the company.

Beginning of the year is also the American Wellington Management Group entered at Gate Group, their share is 4.3 percent. Also, Wellington is betting that the stock price rises when Schmid flies. Harris Associates controls 6.6 percent of the shares. The investment company invests only in companies, which it holds in the market for fundamentally undervalued.

For next Tuesday Rudolf Bohli invited to a press conference, to be presented at the four to five candidates for the Board.

Feverish search for compromise

The tug will meet with a broad interest. Because for Andreas Schmid, 57, the fate threatens to repeat. In August 2006, he threw as Chairman of the Kuoni Travel Group in the towel. He had fallen out with the Executive Committee and the Board of Directors, as he had done as president behind their backs merger talks with the British First Choice. In connection with his resignation, he announced to dispense with the Office of the President at Business Federation economiesuisse, he will compete would have three weeks later. In Economiesuisse Nicolas Hayek and Johann Schneider-Ammann were opposed to him. The reigning Bundesrat was then President of Swissmem.

The fall had Schmid was severely affected, as he admitted openly later, when he had caught again.

Whether the media briefing, scheduled on Tuesday will actually take place, but is not sure. On Friday afternoon, both parties have in fact taken to explore the possibility of a compromise, such as searches of the Sunday newspaper show. Now the chances are classified as intact on both sides to create a joint list of candidates for the renewal of the Board. Will hot: Newest to both sides adequately be represented on the Board. Only completely independent candidates are eligible, ie persons who are not in league in one form or another with the company. By the end of next week, if one is to agree on the composition of the Board in principle. Therefore, the probability is high that the press conference will be blown off, but that could be a reconciliation torpedoed.

The big question is whether Andreas Schmid will continue to be at the helm as president. For him it was yesterday Saturday still open. He must decide which the company will be better served. It Schmid go to the stability of gate Group and not individual people, said a confidant. The probability that Schmid retiring, was below 50 percent.

Another stumbling block is that Schmid has appointed Spaniard Xavier Rossinyol a new CEO who does not fit the rebellious shareholders. For Bohli is coming from the Basler travel retailer Dufry Rossinyol - he shall take office next month - a hideously bad Instrumentation: He was outside industry and have never owned redeveloped as number one. It also need a Swiss at the top of the former Swissair subsidiary. Bohli Schmid had suggested another candidate for the CEO post.

Groups Gate Mountain and Valley ride terms of profitability

For bank analysts who Gate Group on their radar, however, the appointment of the Spaniard was well received. Bohli seems to have now come to the conclusion that his public criticism of Schmid and Rossinyol had failed too coarse.

In the eyes Bohlis it needs a restructuring, because the costs are rising faster than revenues. The fact is that the Zurich Group for years on mountain and valley ride is terms of profit and loss. The Austrian competitor Do & Co, however, continuously improved its profitability. Gate Group dominates the airline catering business in Europe and the United States together with LSG Sky Chefs. How do Gate Group has struck in 2014, you will find out on March 12.

Undoing Schmid can be the poor performance of the share price. From the high of 53.50 francs, which was reached in January 2011, the course is far away. Schmid, of course, aware that he is vulnerable it. As Chairman of Kuoni he had said in 2005 ". The best protection is a high stock price»

The Board of gate Schmid Group is one of the last eight years. 2009, the Bureau was entrusted to him. 2013 he earned 398 000 francs. The Group employs over 27 000 people and generated sales of CHF 3 billion.

To think will also be the fact that the penetration rights of shareholders have been strengthened by Thomas Schmid Minders cheaters initiative. In addition, he was the one who had cut the restrictions on voting rights at Gate Group.

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Salix Suitors May Yet Emerge to Challenge Valeant: Real M&A 2015-02-23 20:29:12.310 GMT

(For a Real M&A column news alert: {SALT REALMNA <GO>}.)

By Tara Lachapelle (Bloomberg) -- It might still be early for investors to rule out competing offers for Salix Pharmaceuticals Ltd. The drugmaker’s $14.5 billion deal with Valeant Pharmaceuticals International Inc. came together quickly, considering that Salix was essentially just put back in play after it restated financial results in late January. The maker of diarrhea medicine is now selling to Valeant for $158 a share, which falls short of what some analysts and shareholders were expecting given the long list of companies that were thought to be interested suitors, including Shire Plc and Actavis Plc. Valeant’s offer values Salix at 69 times trailing 12-month earnings before interest, taxes, depreciation and amortization, more than four times the median multiple for similar deals. Yet with Salix poised to win regulatory approval next quarter for a potentially lucrative new product, Valeant may be paying closer to 15 times Ebitda, based on analysts’ projections for next year’s profit. “It seems like Valeant worked very quickly to conclude their due diligence and decide whether to make a bid,” David Steinberg, a San Francisco-based analyst for Jefferies Group LLC, said in a phone interview. “It is lower than most would have expected. The question is, is that the high bid or will others come in?”

Reasonable Price

Credit Suisse Group AG’s Ronak Shah said a takeover price of $170-a-share or more would have been reasonable. That’s a 7.6 percent bump from what Valeant has agreed to pay. Salix shares fell 1.3 percent on Monday to $155.80 at 3:28 p.m. in New York, leaving a more than $2 arbitrage spread. The gap signals fading speculation of a counterbid. Even so, Shire, Takeda Pharmaceutical Co., AstraZeneca Plc, AbbVie Inc., Endo International Plc and Actavis are also considered logical buyers for Salix. Valeant’s speediness may be what complicated things, said Steinberg of Jefferies. Some potential counterbidders might have preferred to wait until May to see whether the U.S. Food and Drug Administration approves Salix’s Xifaxan for diarrhea caused by irritable bowel syndrome. But Valeant is planning to close its deal before that. “Hard to envision how another bidder would come in at a much higher price,” David Amsellem, a New York-based analyst for Piper Jaffray Cos., said in his note today. “The simple reality here is that we are still in front of an FDA decision.”

For Related News and Information: Valeant’s $10.1 Billion Salix Deal a Bet on FDA Decision Salix Fit for Bids as Accounting Issue Is Resolved: Real M&A Real M&A columns: NI REALMNA <GO> Top deal stories: DTOP <GO>

To contact the reporter on this story: Tara Lachapelle in New York at +1-212-617-8911 or tlachapelle@bloomberg.net To contact the editors responsible for this story: Beth Williams at +1-212-617-2307 or bewilliams@bloomberg.net Mohammed Hadi