Modification TOB Circular No.1: Buyback Programmes

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On 27 June 2013, the Swiss Takeover Board has modified the Circular no. 1 from 7 March 2013 about Buyback Programmes. As principal innovation, the modalities of the publication of transactions on the website of the offeror are now defined and the obligation to declare these transactions to the Takeover Board was abrogated (margin no. 27 to 30). Furthermore, the calculation of the daily volume limit of Art. 55b para. 1 let. c SESTO was precised (margin no. 23a) and the regime of the confirmations of the offeror and the bank or securities dealer appointed to conduct the buyback programme was modified (margin no. 20, 24 to 26).

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