Baker McKenzie advised Schaffner Holding AG ("Schaffner"), a leading producer in electromagnetic solutions based in Switzerland, on the public tender offer for all of its publicly held shares by TE Connectivity (“TE”) a global industrial technology company specializing in connectivity and sensing solutions.
The offer represents a premium of 74.5% on the volume-weighted average share price of the last 60 trading days and 79.1% on the Schaffner closing share price on 16 August 2023. The acquisition will enable TE to add Schaffner's market-leading EMC (Electromagnetic Compatibility) filter offerings to its connectivity and sensing portfolio for high-growth industrial and automotive applications. For Schaffner, the strategic partnership with TE offers the advantage of the company continuing to have an investor with a long-term perspective that values innovation.
The tender offer is subject to customary terms and conditions, as well as regulatory approvals, and is currently expected to be settled in December 2023.
Baker McKenzie Switzerland advised Schaffner on all legal aspects of this deal.
The Baker McKenzie team was led by Matthias Courvoisier (partner, Capital Markets, Zurich) and Martin Furrer (partner, M&A, Zurich), and consisted of Boris Wenger (partner, Antitrust & Competition, Zurich) and Jan Lusti (associate, Capital Markets, Zurich).