Defense of Saia-Burgess against hostile takeover bid from Sumida of CHF 623.675m
Swiss Capital Group advised Saia-Burgess
Defense of Saia-Burgess against hostile takeover bid from Sumida of CHF 623.675m
Sector(s) : Industry and automotive
Date : October 2005
Advisor(s) : Swiss Capital
Advised : Sell Side
Mid-Capital partner Swiss Capital Group advised Saia-Burgess
In July 2005, Saia-Burgess faced a hostile takeover bid from Sumida Corp., Japan. Sumida’s offer of CHF 950 per share represented a 26.6% premium over the 30 day trading average price prior to the announcement. Together with the publication of the take-over offer, Sumida reported a 29.4% stake in Saia-Burgess.
Saia-Burgess is a Swiss manufacturer of switches, actuators, electronic products and electronic controllers for the automotive as well as infrastructure automation industry with a turnover of CHF 570m (EUR 370m) in 2004 and approx. 3’700 employees.
Swiss Capital Group was retained as exclusive financial advisor to Saia-Burgess to set-up a defense team, implement a defense strategy and eventually to analyze Sumida’s offer. Swiss Capital Group performed a detailed analysis of the company’s current and historical financial performance and established a range for the overall value of Saia-Burgess. Swiss Capital Group reviewed together with management all strategic options in order to devise potential viable alternatives as well as a detailed analysis of white knights and strategic partners. A detailed bid response plan was successfully implemented (see transaction with Johnson Electric).
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