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The MCH Group has reached an agreement with shareholder Erhard Lee on the terms of the capital increase and entry of Murdoch. (Photo: key)
Basel
The trade fair operator MCH can involve investor James Murdoch and thus raise urgently needed capital.
It reached an agreement with shareholder Erhard Lee on the terms of the capital increase and entry of Murdoch. Erhard Lee and his LLB Swiss Investment AG will withdraw all pending lawsuits before civil courts and supervisors and will not initiate further proceedings in this context, the fair operator announced on Tuesday. The canton of Basel-Stadt and Murdoch’s Lupa system supported the comparison.
MCH was already badly affected before the crown crisis, so the group had to cancel or postpone several fairs during the pandemic. To raise new capital, the group agreed with James Murdoch – son of media tycoon Ruport Murdoch – to join. Following a capital increase already approved by shareholders at an extraordinary general meeting, new money is expected to flow into MCH.
Three board members each
However, the conditions of the planned capital increase met with resistance from shareholder Erhard Lee with his asset management AMG and LLB Swiss Investment. He then appealed to the takeover commission – and they were right on one point. The next instance, the Financial Markets Authority Finma, subsequently confirmed the decision.
The new agreement provides for a modified structure of the originally planned capital increase. This should be decided as soon as possible in a new extraordinary general meeting. As part of the agreement, as previously planned, the threshold for the offer obligation will be raised from one third to 49 percent (opting-up). This means that Murdoch does not have to submit a takeover bid to other shareholders, even if he holds more than a third of MCH after the capital increase.
In the future, MCH’s Board of Directors will consist of three Lupas and three public sector representatives, as well as three independent board members.
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