Schweizer Kraftwerksbeteiligungs-AG made an offer to acquire 12.1% stake in Alpiq Holding AG (SWX:ALPH) for approximately CHF 240 million on May 29, 2019. Under the terms of the offer, Schweizer Kraftwerksbeteiligungs-AG will pay CHF 70 per share. The offer period is scheduled to begin on July 24, 2019. Subsequently, a delisting of Alpiq Holding AG shares from the SIX Swiss Exchange is to be applied for promptly. As of September 10, 2019, 222,359 Alpiq shares were tendered. Thus, CSA together with the Consortium of Swiss Minority Shareholders and EOS Holding AG own 89.22% of the Alpiq shares. As of September 27, 2019, 424,199 Alpiq shares were tendered. Taking the tendered shares into account, CSA together with the Consortium of Swiss Minority Shareholders and EOS Holding SA thus hold 89.94% of the Alpiq share capital and voting rights. Above the 90% threshold, a merger-related squeeze-out is possible. The acquisition within the framework of the public takeover offer is expected to be completed on October 9, 2019. PricewaterhouseCoopers AG, Investment Banking Arm acted as fairness opinion provider for Alpiq Holding AG in the transaction. As of June 15, 2020 US investment management firm Knight Vinke Asset Management has called on minority shareholders in Swiss energy service provider Alpiq to oppose a squeeze-out as the offered price is too low. If the squeeze-out is approved at the annual general meeting on June 24, 2020, Knight Vinke will turn to court to demand valuation higher by between 50% and 75%, according to the letter which was seen by the news agency. Knight Vinke is among Alpiq's minority shareholders who own about 10% of the company. The squeeze-out is approved at the annual general meeting on June 24, 2020. Schweizer Kraftwerksbeteiligungs-AG completed the acquisition of 12.1% stake in Alpiq Holding AG (SWX:ALPH) on October 9, 2019. The Annual General Meeting of Alpiq Holding Ltd. approved the squeeze-out merger of Alpiq. The squeeze-out merger has been completed on June 29, 2020. As a result of transactions, Alpiq Holding now has a Swiss shareholder structure. Ralph Malacrida, Dieter Dubs, Thomas Stoltz, Susanne Schreiber and Mani Reinert of Bär & Karrer Ltd. acted as legal advisers to Alpiq Holding AG in the transaction.