In decisions 623/01 and 623/02 issued by the Swiss Takeover Board (TOB) on 25 February 2015 resp. 30 March 2016, 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 met the legal requirements and made some statements regarding the Best Price Rule. Kuoni and Hugentobler Foundation subsequently filed an appeal against both TOB decisions, however simultaneously sought to suspend the appeal procedure in order to reach a consensual agreement with the TOB. On 2 mai 2016 the TOB decided that the adjusted shareholder agreement (inclusive contribution agreement) between Kuoni and Hugentobler Foundation and Kiwi Holding II S.A complies with the provisions of the FMIA and the implementing ordinances and in view of the offer price of CHF 370 does not violate the Best Price Rule. Subsequently, on 18 May 2016, Kuoni and Hugentobler Foundation withdrew its complaint. On 19 May 2016 the FINMA Takeover Committee has dismissed the appeal as groundless.