SWITZERLAND Law and Practice Contributed by: Frank Gerhard, Andreas Müller and Timo Hasler, Homburger
11. Activism 11.1 Shareholder Activism
11.3 Interference With Completion In some cases, investors have successfully sought better terms for themselves in a public takeover: for instance, by joining proceedings before the TOB and litigating the case further (see 10.1 Frequency of Liti- gation ). This does not prevent a bidder from complet - ing the acquisition but may make it more expensive. There are also recent examples of activist sharehold - ers successfully preventing the closing of announced transactions involving Swiss public companies.
Historically, there has been a low level of shareholder activism in Switzerland, with the exception of (some - times very active) industrialists and financiers mak - ing demands for changes in strategy or the capital structure of a public company. Recently, there has been increased activity by both foreign and domestic activists with a focus on topics such as changes to the board or management, changes to the company’s strategy in general or a restructuring of its business activities, and divestments of non-core or lower-per - forming divisions. 11.2 Aims of Activists See 11.1 Shareholder Activism .
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