BB Biotech AG deal

Swiss bank Vontobel Group withdrew an offer to take Swiss biotech fund BB Biotech private. According to the bank, new Swiss tax provisions on public exchange offers that took effect in October made the deal "financially unattractive" for BB Biotech's shareholders. Vontobel said the Swiss Federal Tax Administration decided on a change of practice that gives rise to a withholding tax liability or income tax liability on the part of tendering shareholders. ...