Public squeeze-out offer

A public squeeze-out offer (offre publique de retrait — OPR) is the procedure allowing a majority shareholder who has exceeded the ownership threshold (90% in Switzerland under LBVM, 90–95% in France) to compel remaining minority shareholders to sell their shares at a price determined by independent valuation. It ends the company's listed status. The appointed independent expert must confirm the fairness of the offered price — a mandate comparable to a fair value opinion subject to regulatory review.

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Example: after acquiring 92% of a SIX-listed Swiss company through a public tender offer at CHF 58/share, the acquirer files an OPR for the remaining 8%. The COPA (Takeover Board) mandates an independent expert who confirms CHF 58 is within the fair value range (CHF 54–62) using DCF and comparable methods. Minority shareholders are compensated and the company's SIX listing is cancelled.

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Hectelion conducts independent valuation opinions in squeeze-out and OPR proceedings, providing conclusions that meet COPA and AMF regulatory standards.