October 3, 2019 / 5:35 AM / 20 days ago

Alpiq alliance holds 89.94% of utility in contested going-private bid

ZURICH, Oct 3 (Reuters) - A buyer group and its allies seeking to take Swiss utility Alpiq private hold 89.94% of the shares, according to the definitive final result of a 70 Swiss franc per share tender offer that comes amid opposition to the delisting.

“The Schweizer Kraftwerksbeteiligungs AG and the persons acting in concert with SKBAG with respect to the purchase offer...strive for the delisting of Alpiq shares from the SIX Swiss Exchange immediately after the completion of the purchase offer,” according to a statement from Credit Suisse on Thursday, adding completion is set for Oct. 9, unless it is postponed.

Activist investor Knight Vinke said in August it wants Alpiq to stop its delisting and the squeezeout of minority shareholders, arguing the offer for the utility’s shares “massively undervalues” the company. (Reporting by John Miller; Editing by Michael Shields)

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