Public offers and large groups: the Takeover Board's decisions in August and September 2026

Updated October 2026 · by Dr Pier Paolo Gori

In August and September 2026 the Swiss Takeover Board published six decisions on companies listed in Switzerland. Two concern public takeover offers under way.

The decisions

• 30.9.2026 – ams-OSRAM AG: share buyback programme exempted from the takeover rules.

• 3.9.2026 – dormakaba Holding AG: findings on introducing an opting-out clause in the articles.

• 31.8.2026 – PolyPeptide Group AG: Samsung Peptide AG's offer to shareholders found compliant with the law.

• 26.8.2026 – SHL Telemedicine Ltd.: findings on an opting-out clause in the articles.

• 25.8.2026 – Swiss Estates AG: ruling on the board's report on the offer from Kolumbus Group AG.

• 3.8.2026 – WISeKey International: findings on an opting-out clause.

Why it matters

An opting-out clause in the articles removes the duty to make an offer to all shareholders when the threshold is crossed, which according to FINMA is normally 33⅓% of voting rights. It is also relevant for anyone planning a change of control in an unlisted company, where similar rules are set in the articles and shareholders' agreements.

More: “How do you sell or buy a company in Switzerland?”.

Sources: Swiss Takeover Board – latest transactions · FINMA – Public takeover bids