Schellenberg Wittmer Advises GP Investments on Public Takeover
GP Investments, majority shareholder of Spice Private Equity, has pre-announced its public tender offer for all publicly held shares in SIX listed Spice Private Equity. GP Investments intends to increase its equity share in Spice Private Equity from 65.69% to 100% and have its subsidiary delisted following a successful settlement of the public tender offer. In view of the public tender offer, GP Investments has entered into a transaction agreement with Spice Private Equity on June 2022.
The Board of Directors of Spice, which is represented by its independent members, unanimously recommends that Spice shareholders accept GP’s Offer.
The Offer price for each Spice share is USD 16.25 net in cash, implying a premium of 7.6% to the volume-weighted average price of all on-exchange transactions in Spice shares on the SIX Swiss Exchange during the last sixty trading days prior to the publication of the pre-announcement. The Offer shall be subject to two conditions only: a 90% acceptance rate of all Spice shares issued as per the end of the Offer period and no governmental authority prohibiting the Offer.
GP Investments is a leading alternative investments firm with offices in Sao Paulo, New York, London and Bermuda. From the other side, Spice Private Equity is a SIX listed investment company focused on private equity investments.
Schellenberg Wittmer is acting as legal counsel to GP Investments in this transaction. The team was led by partner Pascal Hubli (pictured) and includes Lorenzo Olgiati, Daniele Simoniello, Michael Erben and Sebastian Zimmermann (all corporate/m&a), Martin Lanz (banking & finance), Michael Nordin and Roland Wild (both tax).
