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The $400-million contested battle for textile manufacturer Holvis Group reveals a major loophole in Switzerland's regulations on corporate takeovers. The battle for Holvis began when forest products group International Paper Co. (IP) got an irrevocable option to buy 25% of the company, and launched a $435-per-share bid to buy the rest of the shares. Holvis looked for competing bids and attracted BBA Group PLC, which offered $500 per share provided that BBA gets an exclusive right to buy Fiberweb, Holvis's nonwoven textile business. The bid was thus locked at $500 per share to the detriment of minority shareholders., The Holvis takeover highlights failings of the Swiss law Big deficiencies in the regulatory regime for Swiss takeovers have been shown up by the country s first contested bid - [...]

Engineering group BBA of the United Kingdom is expected to succeed with its cash offer of 500 Swiss Francs per share for the acquisition of paper distribution and non-wovens group Holvis of Switzerland. The hostile acquisition bid by paper group International Paper (IP) of the United States is not expected to win, despite IP already owning 31% of the company. Holvis' non-wovens operation Fiberweb has been the subject of a lock-up. IP was primarily interested in the non-wovens business. Merchant bank Morgan Grenfell of the United Kingdom is advising BBA.

A hostile takeover bid for Holvis of Basel, Switzerland, was launched by International Paper of the US in April 1995. Holvis comprised a now-woven textiles division, Fiberweb and a paper distribution group, Muhleback. However the offer was rejected and BBA, an industrial group, expressed its interest in Fiberweb, and eventually achieved its goal of acquiring the company, along with Muhlebach, which it eventually sold to Arjo Wiggins Appleton.

InterTech of the United States, producer of materials for golf balls, disposable sanitary products and nappies, has launched a rival acquisition bid for paper and non-wovens distribution group Holvis of Switzerland. The bid will be for around 500 Swiss Francs per share or more, equivalent to a total offer of around 443 million Swiss Francs. The bid competes with the 435 Swiss Francs per share hostile takeover bid previously made by International Paper (IP). IP is being advised by CS First Boston and InterTech is being advised by Morgan Stanley.

International Paper (IP) of the United States has made a 385 million Swiss Franc hostile takeover bid for distribution and nonwovens group Holvis of Switzerland. IP could succeed with the acquisition despite Holvis' rejection of the bid as Mercury Asset Management of the United Kingdom has already pledged its 31% stake in the firm. It is the first time a hostile takeover has been sought in Switzerland. Holvis is seeking a counter offer from other potential buyers, with a sell-off now inevitable. Morgan Stanley is acting as advisor.

According to sources close to the companies involved, the acquisition of Holvis AG, Basel, Switzerland, parent company of nonwovens manufacturer Fiberweb, by the British-based BBA Group is very close to [...]

Several moves have been made by the Holvis Group, parent company of the seventh largest roll goods manufacturer Fiberweb Group, Brugg, Switzerland, to reflect its continued commitment to nonwovens. The [...]