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Assessment of the financial adequacy of the public takeover offer by Swedish Ahlsell Group for the outstanding shares of Meier Tobler Group AG
On 4. November 2026 Meier Tobler Group AG (Meier Tobler) and Ahlsell AB (publ) (Ahlsell) announced a transaction. Ahlsell, a leading B2B industrial distributor of technical products in the Nordics, published a public tender offer for all of the publicly traded registered shares of Meier Tobler Group AG. The offer price is CHF 45.50 per share net in cash. The total value of the offer amounts to approximately CHF 492 million.
Meier Tobler and Ahlsell are both active in the B2B sales of heating, ventilation and air conditioning products in their respective markets. With the proposed transaction, Ahlsell aims to support Meier Tobler’s long-term growth strategy through the exchange of complementary expertise and capabilities. The combination provides opportunities for both companies to improve their customer value propositions by broadening assortments and customer segments.
Both companies also share a common culture and common values. As part of the Ahlsell Group, Meier Tobler will have access to know-how and resources in digitalization and artificial intelligence and can draw on the group’s experience with the energy transition as the decarbonization of the Swiss building stock progresses. The broader financial base creates good conditions for long-term investments.
The offer price represents a premium of approximately 30.8% over the volume-weighted average price (VWAP) of the 60 trading days prior to the publication of the offer. Based on a thorough review and the Fairness Opinion of IFBC, the Board of Directors unanimously recommends that shareholders accept the offer.
IFBC prepared an independent Fairness Opinion for the Board of Directors of Meier Tobler to assess the financial fairness of the public takeover offer of CHF 45.50 per share of the Meier Tobler Group AG. IFBC specializes in the preparation of Fairness Opinions, is a particularly qualified evaluator (accreditation by the Swiss Takeover Board pursuant to Art. 30 para. 6 TOO) and is the Swiss market leader in this field.
The company Meier Tobler was founded in 1937. The Swiss specialist in building services technology has its headquarters in Schwerzenbach in the canton of Zurich. Meier Tobler’s shares are traded on the Swiss stock exchange SIX Swiss Exchange (symbol: MTG). Meier Tobler employs around 1,300 people in all language regions of Switzerland. Meier Tobler specializes in the areas of trade, heat generation, climate systems and service. In the trade business, Meier Tobler supplies its B2B partners with components and installation materials for heating, ventilation, air conditioning and sanitary systems. The heat generation and climate systems divisions plan and deliver energy-efficient solutions for all types of buildings to installation partners. In the service business, Meier Tobler offers 24/7 services throughout Switzerland for all delivered systems in residential and commercial construction and throughout the entire life cycle. Learn more at: meiertobler.ch.
Ahlsell is the leading B2B industrial distributor of technical products and services in the Nordics and Baltics serving a broad customer base across industry, infrastructure and installation. As a multivertical specialist, the company has an annual turnover of around SEK 52 billion in 2025 and operates with close to 8,000 employees, 300 branches, top modern logistic centres and a well established digital platform. Ahlsell delivers on its customer promise – to make it easier to be professional – every day, while also being a market leader with a clear vision to build a more sustainable society. Learn more at: ahlsellgroup.com.
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