11/09/2020 | Press release | Distributed by Public on 11/09/2020 11:20
The EGM elected Mike Fries, Baptiest Coopmans, Miranda Curtis, Manuel Kohnstamm, and Andrea Salvato, Marisa Drew, Thomas D. Meyer and Joseph Deiss as new members of the Board of Directors, each until the closing of the following Annual General Meeting.
The EGM elected Mike Fries as Chair of the Board of Directors until the closing of the following Annual General Meeting.
The EGM also elected Miranda Curtis, Manuel Kohnstamm and Andrea Salvato as members of the Nomination and Compensation Committee, and Miranda Curtis as Chair of the Nomination and Compensation Committee, each until the closing of the following Annual General Meeting.
The effect of all elections is subject to the completion of the public tender offer of UPC Schweiz GmbH for all publicly held registered shares of Sunrise Communications Group AG. The background of each newly elected member of the Board of Directors can be found on the Company's website under the following link: https://www.sunrise.ch/en/corporate-communications/investor-relations/AGM.html
Resolution on the Delisting of the Shares
The EGM resolved on the delisting of the shares of Sunrise Communications Group AG from the SIX Swiss Exchange, subject to the suspensive condition that the public tender offer of UPC Schweiz GmbH is completed. Once the public tender offer is completed, the shares of Sunrise Communications Group AG will be delisted at a time yet to be determined.
Update on Public Tender Offer of UPC Schweiz GmbH
On October 30, 2020 and with the approval of the planned takeover of Sunrise Communications Group AG by UPC Schweiz GmbH by the Swiss Competition Commission one significant milestone towards a successful completion of the planned takeover was reached. During the offer period and the additional offer period, more than 96% of all publicly held shares were tendered. Settlement of the public tender offer is expected to occur on November 11, 2020.
As of November 11, 2020, both Sunrise Communications Group AG and UPC Schweiz GmbH will be subsidiaries of Liberty Global but the two companies will continue to operate independently. All existing subscriptions and agreements remain in force and effect and to provide the highest quality of services to all customers and business partners remains the highest priority of each of Sunrise Communications Group AG and UPC Schweiz GmbH.
Sunrise Communications Group AG and UPC Schweiz GmbH will now continue working together on integration, with the goal of merging the two successful companies in 2021. The merger will combine Switzerland's leading gigabit fiber optic cable network with one of the world's best mobile networks. This fixed-mobile convergence will create a strong challenger that will drive competition and innovation in the Swiss market. Further details of the combination will be published if and when available.