Bell Food Group AG (SWX:BELL) made public takeover offer to acquire remaining 49.8% stake in Hügli Holding AG (SWX:HUE) for approximately CHF 220 million on January 15, 2018. As reported, Bell Food made public tender offer for the remaining publicly traded shares of Hügli Holding AG at a price of CHF 915 per share. In a related transaction, Bell Food Group simultaneously acquired 50.2% stake in Hügli Holding AG from Dr. A. Stoffel Holding AG. The takeover is being financed through a combination of equity and debt capital. To ensure an appropriate capital structure in the medium to long-term, Bell Food Group will propose to shareholders at the Annual General Meeting of April 10, 2018 that they approve a capital increase of around CHF 600 million. This will help finance the acquisition of Hügli. A bond issue of approximately CHF 350 million will be made for refinancing purposes. Post completion, Hügli will be operated as an independent business unit with Hügli’s Group Management in place, ensuring smooth integration. Jean Gérard Villot, current Chairman of the Board of Directors of Hügli Group, as an additional member of the Board of Directors of Bell Food Group AG while Philipp Wyss proposed as successor to Jörg Ackermann, who is resigning from the Board. The transaction is subject to approval from European competition authorities and approval of capital increase by shareholders of Bell Food Group. The Board of Directors of Hügli Holding AG unanimously supports the offer and recommends that shareholders accept it. The offer period is scheduled to begin on March 13, 2018 and end on April 25, 2018. Following the expiry of the offer period on April 25, 2018, Bell Food Group had acquired 0.1 million shares through the tender offer such that now Bell Food Group holds 76.75% stake in Hügli Holding AG. The additional acceptance period of ten trading days for public shareholders of Hügli for the acceptance of the tender offer will commence on May 3, 2018 and will expire on May 17, 2018. As of May 17, 2018, the additional acceptance period expired and a total of 0.21 million shares were acquired such that now Bell Food Group holds 97.56% stake in Hügli Holding AG through the offer. Bell Food Group intends to delist Hügli Holding AG from the stock exchange by cancellation of shares once the tender offer is completed. The tender offer is likely to be completed on May 25, 2018. UBS Investment Bank acted as financial advisor for the overall financing to Bell Food Group. Rolf Watter, Dieter Dubs, Daniel Küpfer, Annina Hammer, Matthias Tanner, Mani Reinert, Barbara Wälchli and Marius Vischer of Bär & Karrer AG acted as legal advisors to Hügli Holding AG