Bobst may be going private

I have a tiny few shares of Bobst (BOBNN on SIX, ISIN: CH0012684657) and just got a letter from my broker informing me of a “offre de reprise d’actions” (tender offer?) for the stock by JBF Finance SA (already majority shareholder at 53.4% of all shares) for a price of CHF 78.00 (slightly below the current market price), for max 7,697,948 shares, valid until October 3. The stated goal of the operation is to take the company private.

The offer may be extended from October 10 to October 21 at the discretion of JBF Finance SA.

There’s a significant reservation for potential dilution of shares happening before the due date (in which case the price offered may be adjusted downward). This is my main reserve, since I have no say in a potential issuance of new shares decided by the majority shareholder.

The information seems to have been known since July 25, when the price of the share jumped from CHF 68.80 to roughly CHF 78.00, where it has stayed since then.

Any idea what would happen if I decide not to sell my shares and still hold them past October 21? It would probably not be my prefered scenario but I’d rather know all my options before making a decision.

At the end of the offer and if they own at least 98% of the shares, they can request a court to cancel the remaining 2%. Shareholders will be compensate in the process.

An alternative exist if they own between 90% and 98% of the shares (squeeze out merger).

Alternatively, they could also delist the share from the stock market. Good luck when trying to sell them :slight_smile:

Additional information here Offres publiques d’acquisition


Thanks a lot for that complete and insightful answer. :slight_smile:

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