On 16 August 2023, Tyco Electronics (Schweiz) Holding II GmbH, an indirect wholly owned subsidiary of TE Connectivity Ltd., Schaffhausen, Switzerland, and Schaffner Holding AG, Luterbach, Switzerland, have entered into an agreement on the terms and conditions of a takeover by way of a public tender offer by Tyco Electronics for all publicly held registered shares of Schaffner for approximately CHF 320 million. The board of directors of Schaffner has resolved to support the public tender offer by Tyco Electronics and to recommend the acceptance of Tyco Electronics' public tender offer to its shareholders.

Buru Holding AG and Philipp Buhofer have committed to tender a part of their Schaffner shares, corresponding to approximately 17.16% of the share capital in Schaffner, into the tender offer.

Bär & Karrer is acting as legal counsel of TE Connectivity in connection with the public tender offer. The team includes Ralph Malacrida, Mariel Hoch, Dominic Leu, Faton Aliu, Fabienne Perlini, Colin Giezendanner and Sophie Müller (all M&A).