Liberty Global published the pre-announcement in relation to its public tender offer for all publicly held shares of Sunrise Communications Group. The offer price of CHF 110 per Sunrise Share represents a premium of 32% to the 60-day volume-weighted average share price prior to the pre-announcement and values Sunrise’s equity at CHF 5.0 billion, representing a total enterprise value of CHF 6.8 billion. The Board of Directors of Sunrise unanimously resolved to recommend the offer for acceptance. The offer is expected to be launched before end of August, 2020.
Lenz & Staehelin is advising Sunrise in this transformational transaction. The team includes partners Hans-Jakob Diem (pictured left) and Tino Gaberthüel (both Corporate), Patrick Schleiffer (Capital Markets), Marcel Meinhardt and Astrid Waser (both Regulatory/Antitrust), as well as associates Simone Ehrsam, Lukas Held, Ann Weibel and Federico Trabaldo Togna (all Corporate), Patrick Schärli (Capital Markets), Damian Joho and Sandro Travaglini (both Regulatory/Antitrust).
Homburgeris advising Liberty Global on the transaction. The team is led by partners Daniel Daeniker (pictured right) and Daniel Hasler (Corporate/M&A) and comprises partners Richard Stäuber, Franz Hoffet (both Competition/Regulatory), Stefan Oesterhelt (Tax), Luca Dal Molin and Roman Baechler (both IP/IT), counsel Micha Fankhauser (Corporate/M&A), associates Daniel Häusermann, Karin Mattle, Mirko Stiefel and Stefan Luginbühl (all Corporate/M&A), Yves Bianchi and Jonas Krull (both Competition | Regulatory), David Borer (Banking and Finance), Marc Vogelsang and Raphaël Fellay (both Tax), Kirsten Schmidt (IP/IT), as well as junior associates Cédric Berger, Géraldine Danuser and Daniel Madani (all Corporate/M&A).
As part of this takeover transaction freenet has entered into a Tender Undertaking in which it agreed to tender its entire c. 24.5% interest in Sunrise into the tender offer. Based on the offer price the c. 24.5% interest in Sunrise corresponds to CHF 1,216 billion. Bär & Karrer acted as Swiss legal advisor to freenet. Partner Dieter Dubs (M&A) advises freenet in this transaction with respect to to Swiss law.