UBS disposes of its 20.7% Julius Baer stake by launching an accelerated bookbuilding transaction for a 15.23% stake and selling the remaining 5.47% to Julius Baer
UBS AG announced today that it has launched an accelerated bookbuilding transaction to institutional investors for the sale of 33,991,870 Julius Baer shares representing 15.23% of the company.
At the same time, UBS AG has agreed to sell the remaining 12,222,222 Julius Baer shares, representing a further 5.47% of the company, to Julius Baer Holding AG for a price of CHF 90 per share conditional upon a successful completion of the accelerated bookbuilding transaction.
UBS received the Julius Baer shares as part of the consideration in connection with the sale of its private label banks and specialist asset manager GAM to Julius Baer in December 2005. UBS had agreed to a lock-up period of 18 months which expired on 25 May 2007.