Sika AG has received notice that the Bill and Melinda Gates Foundation Trust and Cascade Investment, L. L. C. (together the Applicants) have filed a request with the Swiss Takeover Board. The Applicants now hold jointly 3% of the voting rights of Sika AG and have been longstanding shareholders of Sika. The Applicants have requested the Swiss Take Over Board to declare that Saint-Gobain is obliged to submit a public tender offer for all the publicly-held shares in Sika AG.
In previous correspondence to the Board of Sika AG, the Applicants have already expressed their fundamental opposition to the hostile takeover attempt of Sika by Saint-Gobain. They have also filed two requests for the next General Assembly of Sika AG to institute a special audit and an expert committee.
This is the second proceeding before the Swiss Takeover Board with regard to the intended hostile takeover by Saint-Gobain. In a decision issued by the Swiss Takeover Board today, the validity of the opting-out clause was confirmed in principle. However, the Swiss Takeover Board left it expressly open in its decision today as to whether Saint-Gobain could invoke the opting out clause or would be obliged to submit a public tender offer in case it were to acquire a controlling interest in Sika.