In decision 623/01 issued by the Swiss Takeover Board (TOB) on 25 February 2015, the TOB found that the public exchange offer made by Kiwi Holding IV S.à r.l. to the shareholders of Kuoni Travel Holding Ltd shareholders met the legal requirements and made some statements regarding the Best Price Rule.
In decision 623/02 issued on 30 March 2016, the TOB rejected the appeal filed by Kuoni and Hugentobler Foundation against its first decision. Kuoni and Hugentobler Foundation subsequently filed an appeal against both TOB decisions. The Foundation also sought to suspend the appeal procedure in order to reach a consensual agreement with the TOB. The FINMA Takeover Committee has approved this request and has provisionally suspended the appeal procedure until 22 April 2016.
