Corporate / M&A

Capital Markets

Restructuring / Insolvency

Homburger News: Idorsia

Homburger News

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Homburger advises Idorsia Ltd on the public repurchase offer to exchange a series of unsecured convertible bonds with a principal amount of CHF 800 m in aggregate against newly issued "Pay-If-You-Can" notes

On June 25, 2025, Idorsia Ltd published its public repurchase offer (the Exchange Offer) to exchange its CHF 200 m senior unsecured convertible bonds due 2025 and its CHF 600 m senior unsecured convertible bonds due 2028 (the Bonds). The Bonds will be exchanged for an offer consideration consisting of (i) a series of newly issued &#8222;Pay-If-You-Can&#8220; notes with waterfall rankings issued by a Luxembourg special purpose subsidiary, which will be listed on the International Stock Exchange, (ii) shares of Idorsia Ltd and (iii) warrants of Idorsia Ltd. The Swiss Takeover Board has made determinations and granted exemptions regarding the Exchange Offer in its ruling dated June 5, 2025. The Exchange Offer is part of the holistic restructuring and refinancing of the Idorsia group announced by Idorsia Ltd on February 26, 2025.
The Homburger team was led by Frank Gerhard (Corporate / M&amp;A, Capital Markets) and included Marco Rostetter (Corporate / M&amp;A, Restructuring), Micha Fankhauser, Estelle Piccard and Anina Preusker (all Corporate / M&amp;A) as well as Eduard De Zordi and Daniel Hulmann (both Capital Markets).

Financing and Investment Products

Financial Market Regulation

Meyer Burger

On November 11, 2022, Meyer Burger Technology AG (SIX: MBTN) (Meyer Burger) announced that it had successfully closed a rights offering, raising gross proceeds of CHF 250 m. As part of the transaction, existing shareholders of Meyer Burger were offered rights to subscribe for new shares at an offer price of CHF 0.267 per new share. New shares in respect of which subscription rights had not been exercised were placed in a rump placement. With the net proceeds from the offering, Meyer Burger primarily intends to finance the planned expansion of production capacity for its photovoltaic module production in Germany and the United States.
Homburger AG acted as legal counsel to Meyer Burger on this transaction. The Homburger team was led by Dieter Gericke and Lorenzo Togni (both Corporate / M&amp;A, Equity Capital Markets) and included Estelle Piccard, Jasmin Künzle, Isabelle Cordey, Magda Aref, Urs Stürmer, Anina Preusker, Julien Di Sabato and Thomas Leu (all Corporate / M&amp;A, Equity Capital Markets) as well as Vanessa Isler and Alexander Wherlock (both Financial Services, Capital Markets). Tax advice was rendered by Stefan Oesterhelt and Raphaël Fellay (both Tax).

Homburger advised Meyer Burger Technology AG on its rights offering raising gross proceeds of CHF 250 m

Competition

Regulatory

Bobst

On July 25, 2022, Bobst Group SA, one of the world’s leading suppliers of substrate processing, printing and converting equipment and services for the label, flexible packaging, folding carton and corrugated industries, and JBF Finance SA, the largest shareholder of Bobst Group with already approximately 53% of the shares and voting rights, announced that JBF Finance intends to launch an all-cash public tender offer to acquire all publicly held shares in Bobst Group for CHF 78 per share, for an aggregate equity value for Bobst Group (including the shares already held by JBF Finance) of approximately CHF 1.3 bn.
Homburger AG is advising Bobst Group SA, represented by its Committee of Independent Directors, on the transaction. The Homburger team is led by partner Dieter Gericke (Corporate / M&amp;A) and comprises partner Richard Stäuber (Competition, Regulatory), counsel Eduard De Zordi (Capital Markets), associates Anna Peter, Olivier Bühlmann and Isabelle Cordey (all Corporate / M&amp;A), as well as junior associate Anina Preusker.

Anina
Preusker

Homburger advises Idorsia Ltd on the public repurchase offer to exchange a series of unsecured convertible bonds with a principal amount of CHF 800 m in aggregate against newly issued "Pay-If-You-Can" notes

Homburger advised Meyer Burger Technology AG on its rights offering raising gross proceeds of CHF 250 m

Homburger advises Bobst Group SA with respect to JBF Finance SA's announced public tender offer to acquire Bobst Group

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Anina Preusker

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AninaPreusker

Homburger advises Idorsia Ltd on the public repurchase offer to exchange a series of unsecured convertible bonds with a principal amount of CHF 800 m in aggregate against newly issued "Pay-If-You-Can" notes

Homburger advised Meyer Burger Technology AG on its rights offering raising gross proceeds of CHF 250 m

Homburger advises Bobst Group SA with respect to JBF Finance SA's announced public tender offer to acquire Bobst Group

Join the Team

Anina Preusker

Career

Languages

Bar Registration

Teams

Anina
Preusker