Ethos is very satisfied that the Zug Cantonal Court has rejected the suit by the Burkard Family against the board of Sika. This decision confirms the board’s entitlement to limit the voting rights of the Burkard Family for votes related to the sale of their shares to the competitor Saint-Gobain. This restriction allows maintaining the independence of Sika, as aimed for by the board, the executive management and the majority of shareholders, among which Ethos. In light of the importance of this decision for Sika and the Swiss economy, Ethos will continue as an accessory party in this legal procedure if the Burkard Family appeals the decision of the court.
The Zug Cantonal Court has ruled in favour of the board, which had restricted the voting rights of the Burkard Family to 5% of registered shares in the context of the sale of their shares to the competitor Saint-Gobain. As a result of this, the family, which holds 52% of voting rights with only 16% of the capital, cannot take control of the board. This restriction blocks the sale of the Burkard Family’s Sika shares to the competitor Saint-Gobain. In fact, Saint-Gobain offered CHF 2.8 billion, corresponding to an 80% premium on the share price, to acquire the shares of the family only on condition that Saint-Gobain obtains the control of Sika. With this decision, the Zug Cantonal Court has given an appropriate answer to this fundamental question, which concerns not only Sika, but also many other Swiss companies.
Since the announcement by the Burkard Family in December 2014 that they wish to sell their shares to the competition, Ethos has actively supported the board in its commitment to keep Sika independent. It is in this spirit that Ethos became and will remain an accessory party in this decisive legal case for the Swiss economy.