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Summary:
On 2 February 2016, the company Kuoni Reisen Holding AG announced in a press release that EQT will make a cash offer to the shareholders of Kuoni Reisen Holding AG. According to the press release, shareholders of Kuoni Reisen Holding AG shall receive CHF 370.00 for each share they hold. For further information regarding this transaction, please refer to the website of the company at www.kuoni.com.
This circular describes the potential effects this transaction will have on the existing Eurex options (KUNN) and the Eurex Single Stock Futures contract (KUNF) on shares of Kuoni Reisen Holding AG.
On 3 May 2016 the additional offer period for the public takeover offer launched by EQT ended. According to the provisional notice of the end result of 4 May 2016, EQT holds 87.9% of the outstanding Kuoni shares at the end of the offer period. The announcement of the definitive result is expected to be published on 10 May 2016. Settlement of the offer is expected to occur on 19 May 2016 subject to the satisfaction of all conditions of the Offer. Trading in options and futures contracts on Kuoni Reisen (KUNN/KUNF) will be suspended until further notice. Settlement of options contracts on Kuoni Reisen (KUNN) will take place according to the procedure described in Eurex circular 022/16 as soon as EQT publishes the settlement of the offer. No settlement is required in futures contracts on Kuoni (KUNF) due to 0 Open interest.
Adjustment Result:
The company Kuoni Reisen Holding AG announced on 19 May 2016 the fulfilment of all closing conditions and the settlement of the public takeover offer of EQT on 19 May 2016. Accordingly, as described in Eurex circular 022/16 and pursuant to the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland and Eurex Zürich, number 2.6.10 (7) existing positions in the series for the Eurex option contract on shares of Kuoni Reisen Holding AG (KUNN) will be settled at theoretical fair value. Basis for determination of the fair value is the final offer price of CHF 370.00. Settlement of the options contract will take place effective 20 May 2016.
On 20 May 2016, all participants with open positions will receive a FAX containing an overview of their respective open positions. Booking of the cash amount will take place on 19 May 2016 with value date 20 May 2016. In the end-of-day batch processing of 20 May 2016, the positions will be booked out effective 23 May 2016. In the Future contract (KUNF) no settlement will take place, as there are no open positions.
For a list of theoretical fair values (final settlement prices) for the respective series of the Eurex option contract on shares of Kuoni Reisen Holding AG, please refer to the attachment.
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