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Preparing for the Public Takeover Bid

November 2006

The board of directors (the “Board”) of a Swiss publicly held company that is the target of a public takeover – especially if hostile – is unexpectedly confronted with a plethora of complex questions that must be answered quickly. The takeover battles against Saurer AG and SIG Holding AG are only the most recent examples in a wave of hostile takeover attempts in the last two years. Through early preparation the Board can lay the organizational and technical foundations for a takeover situation that will allow it not only to react but to provide active and timely leadership in the interest of the company. As part of strategic planning, the Board of a Swiss publicly held company also has to assess and decide whether – and if answered in the affirmative – which preventive measures including defensive actions are to be taken against an undesired public takeover bid.

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