COMCO approves Tamedia’s takeover of Goldbach
Zurich, 16 August 2018 – The Swiss Federal Competition Commission COMCO has approved Tamedia’s plan to take over the Goldbach Group without any requirements or conditions. After the successful offering process, where as much as 96.90 percent of the maximum number of Goldbach shares that were subject to the offer had already been tendered to Tamedia, a further condition of the offer according to the Offer Prospectus is thus fulfilled and the takeover can now be completed. The execution will take place within the following ten trading days. After the cancellation of the remaining Goldbach shares by court order, Tamedia will compensate the remaining minority shareholders and have the Goldbach Group delisted. Christoph Tonini, CEO of Tamedia: “We are delighted with COMCO’s positive decision. With this, we have cleared the last important hurdle for the successful takeover of the Goldbach Group.”
With their strategic partnership, the media group Tamedia and the Goldbach advertising marketing company intend to strengthen their position in the Swiss advertising market and at the same time expand their international business, especially in the neighbouring countries of Germany and Austria. Jointly, the two companies – along with the out-of-home provider Neo Advertising, in which Tamedia holds a majority interest – will be able to offer their customers high-circulation advertising on all channels.
The existing management will continue to run the Goldbach Group independently at its current headquarters in Küsnacht (CH). CEO Michi Frank will join the Management Board of Tamedia as an additional member. He, too, is pleased with the positive response from COMCO: “Together with Tamedia we will be able to further pursue our growth strategy and be in an even better position to meet the needs of our customers and partners.”
In view of the deferred completion of the takeover due to the in-depth review by the COMCO, a second trading line was opened in May for the Goldbach shares that had been tendered as part of the public tender offer. This second trading line will remain open until three trading days before the completion of the takeover.