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Basler Kantonalbank receives approval to fully purchase, delist Bank Cler unit

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Basler Kantonalbank receives approval to fully purchase, delist Bank Cler unit

Basler Kantonalbank received approvals from the relevant authorities to fully acquire subsidiary Bank Cler AG and delist the unit from the stock exchange.

The court of appeals in the Swiss canton of Basel-Stadt approved March 21 the cancellation of all outstanding bearer shares of Bank Cler. The minority holders of the canceled shares will receive CHF 52 per share as per the public acquisition offer launched Aug. 2, 2018. The nominal value of the shares stood at CHF 20.

Subsequently, the SIX Exchange Regulation decided March 22 to allow Bank Cler's shares to be taken off the SIX Swiss Exchange, effective April 1, a move that Basler Kantonalbank intended to carry out following its full purchase of the unit.