PRESS RELEASE: BB Biotech rejects proposal by Vontobel Group
BB BIOTECH AG / BB Biotech rejects proposal by Vontobel Group . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
Response of the Board of Directors of BB Biotech to the proposal made by Vontobel Group
Further to the press release published today by Vontobel Group, the Board of Directors of BB Biotech AG (ticker symbol: BION) confirms that Vontobel Group has made a proposal to restructure BB Biotech from its current status as a listed investment company into an unlisted investment fund. The proposal is unsolicited and has been published without consultation of BB Biotech. Based on a detailed strategic review, the Board of Directors of BB Biotech has unanimously concluded that such proposal is not in the best interest of the company and its shareholders and, therefore, rejects the proposal of Vontobel Group.
The Board of Directors notes that the share price of BB Biotech has seen a very strong performance over the last twelve months (32.9% in CHF) during which period it outperformed the broader Swiss market represented by the Swiss Performance Index ("SPI") (3.0% in CHF). Based on the unaudited consolidated results, after-tax profit for the first half of 2012 amounts to CHF 354 million. This result is a reflection of the successful investment strategy of BB Biotech AG and its consistent implementation.
Whilst the Board of Directors views the recent performance as an indicator of BB Biotech's successful investment track record, it regularly evaluates strategic alternatives with a view to a sustainable increase of value for the company and its shareholders. Especially in the current highly volatile, rapidly changing and challenging market environment, the Board of Directors attaches great importance to continuously assess the implications of macro-economic factors and, as required, adjust the corporate strategy accordingly.
In this light, the Board of Directors, with assistance of its independent professional advisors, has engaged in a detailed review of all strategic options available to BB Biotech. This strategic review also included, but was not limited to, an in-depth analysis of the transaction proposed by Vontobel Group, despite such proposal leaving a number of important regulatory and tax questions unanswered and requiring approval by 2/3 of the votes in a shareholder meeting.
In the course of this strategic review, the Board of Directors concluded that BB Biotech's corporate strategy of being a listed investment company is in the best interest of the company and its shareholders over the mid to long-term.
Further details will be provided as part of the half year results announcement on July 19, 2012. In the meantime, the Board of Directors recommends to the shareholders of BB Biotech AG to not take any action.
Contact Urs Knapp, Spokesperson of the Board of Directors of BB Biotech AG +41 44 266 67 67, email@example.com
BB Biotech invests in companies in the fast growing market of biotechnology and is one of the world's largest investors in this sector with around CHF 1.2 bn in assets under management. BB Biotech is listed in Switzerland, Germany and Italy. Its investments are focused on listed companies that are developing and commercializing novel medical treatments and cures. BB Biotech's investment selection process is guided by the fundamental research and analysis of physicians and molecular biologists. Its Board of Directors has many years of experience in industry and science.
BB Biotech Press Release (PDF): http://hugin.info/130285/R/1626544/520438.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BB BIOTECH AG via Thomson Reuters ONE [HUG#1626544]
--- End of Message ---
BB BIOTECH AG Vordergasse 3 Schaffhausen Switzerland
WKN: AONFN3;ISIN: CH0038389992;
(END) Dow Jones Newswires
July 13, 2012 03:02 ET (07:02 GMT)- - 03 02 AM EDT 07-13-12
- vom Unternehmen
- Peer Group
Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen
Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen
vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden
Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören
Analysen zu BB Biotech AG 2.Linie
Private Krankenversicherung Tarifvergleich
Meistgelesene BB Biotech News
Mehr zur BB Biotech-Aktie
BB Biotech Peer Group News
Heute im Fokus
Investmentbanking verdirbt Barclays die Bilanz. Total erneut mit Gewinneinbruch. Wettbewerber nehmen Telefonica Deutschland in die Mangel. Dialog Semiconductor profitiert weiter vom Mobilfunk-Boom. Deutsche-Bank-Führung wird - etwas - weiblicher. Kontron fasst im Umbau nur langsam Tritt. MAN leidet unter Absatzflaute in Brasilien.