Hostile takeover
An acquisition attempt made without the target board’s support, usually through a public offer directly to shareholders.
A hostile takeover seeks control of a company despite opposition from its board or management. For Swiss listed companies, takeover practice is shaped by public offer rules, equal treatment of shareholders, disclosure duties and restrictions on defensive measures once an offer is pending. The target board may express a view and seek alternatives, but actions that frustrate shareholder choice are scrutinised. In private companies, transfer restrictions and shareholder agreements often make hostile acquisitions less practicable.