Burgener is seeking to forcibly Degen to buy his shares

Bernhard Burgener is requesting the sale David Degen's shares.
Picture:
Keystone

Bernhard Burgener    , David Degen and their disagreement over FC Basel's owner is just one more step.  https://www.marketscreener.com/quote/stock/HIGHLIGHT-EVENT-AND-ENTER-73825/news/Bernhard-Burgener-Chairman-of-the-Board-of-Directors-and-Chief-Executive-Officer-of-Highlight-Commu-38111422/  has the support of the Board of Directors. However, there is still no consensus.

The FC Basel Holding AG Board of Directors met this morning. Burgener and Degen along with Karl Odermatt & Peter von Buren were the previous owner. According to a statement from the holding company, he requested Degen to sell his stake in Basel Dream & Vision AG.

The Board of Directors relies upon a contractually agreed law that permits Burgener to transfer its shares to minority shareholders at the same terms. The Board of Directors says that Degen's right to pre-sell is trumped by this so-called dragalong right.

Burgener and his group have made a move in this dispute between the ownership. Degen insists upon his right to first refusal. He wants to exercise it in exchange for 16.4 millions of francs. Burgener is unable to sell his 80 per cent stake to Basel Dream & Vision AG because of a superprovisional injunction. Centricus, which is a British asset manager, will also be able to hold an interest in the new entity. Burgener would hold the majority of the votes.

According FC Basel Holding AG's announcement, Burgener and Degen are seeking an out of court settlement "in the best interests of FCB."