A consortium comprising ANTA Sports Products Limited (SEHK:2020) and FountainVest Partners made a non-binding preliminary indication of interest to acquire Amer Sports Corporation (HLSE:AMEAS) for €4.6 billion on September 11, 2018. A consortium comprising ANTA Sports Products Limited (SEHK:2020), FountainVest Partners, Tencent Holdings Limited (SEHK:700) and Chip Wilson (buyers) made a voluntary recommended tender offer to acquire Amer Sports Corporation (HLSE:AMEAS) from Mandatum Life Insurance Company Limited, Maa- ja Vesitekniikan Tuki ry., Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company, Kaleva Mutual Insurance Company and others on December 7, 2018. Amer Sports shareholders will receive a cash consideration of €40 per share. The offer includes 1.68 million shares currently held indirectly by ANTA but excluding any shares of Amer Sports which are held by Amer Sports or its subsidiaries. Mandatum Life Insurance Company Limited, Kaleva Mutual Insurance Company, Ilmarinen Mutual Pension Insurance Company and Varma Mutual Pension Insurance Company holding in aggregate approximately 7.91% stake in Amer Sports, have, subject to certain customary conditions, irrevocably undertaken to accept the tender offer. In addition, Maa- ja vesitekniikan tuki r.y., which holds approximately 4.29% stake in Amer Sports, has expressed a positive view of the offer. In case of termination of the offer, the consortium will pay €175 million.

After the completion of the offer, Amer Sports will be operated independently from ANTA Sports, with a separate Board of Directors. Heikki Takala, President and Chief Executive Officer of Amer Sports and his key executives to continue leading the business. The buyers, however, intends to change the composition of the Board of Directors of Amer Sports after the completion of the tender offer. Amer Sports' corporate head office in Helsinki will be retained. The offer is subject to due diligence investigation, approval of the Board of Directors of ANTA and the Investment Committee of FountainVest, availability of financing from identified financing sources, receipt of more than 90% of the issued and outstanding Amer Sports shares and voting rights, receipt of a recommendation from the Board of Directors of Amer Sports, approval by shareholders holding at least 90% of the shares of Amer Sports, receipt of all necessary regulatory approvals including the Finnish Financial Supervisory Authority and Foreign Investment Review Board in Australia and competition authorities in China, European Union, the United States, Canada, Mexico, Russia and Turkey. The Board of Directors of Amer Sports has decided to unanimously recommend the shareholders of Amer Sports accept the offer. The Finnish Financial Supervisory Authority has on December 19, 2018 approved the transaction. The Extraordinary General Meeting held on January 23, 2019, resolved to grant to the current members of the Board of Directors of Amer Sports a right to accept the voluntary public cash tender offer for the shares in Amer Sportsheld by them and to sell such shares despite transfer restrictions that concern the members of the Board of Directors resolved by previous General Meetings of the Amer Sports. As on February 4, 2019, Competition Authorities in China, Russia, Canada and the United States approved the transaction. As of February 7, 2019, the offeror published a supplement document in connection with the publication of the 2018 Financial Statements Bulletin of Amer Sports Corporation. The supplement document is approved by Finnish Financial Supervisory Authority. As of February 20, 2019, the transaction has been approved by EU Commission. As of February 22, 2019, the offer was approved by the acquirer shareholders in the extraordinary general meeting of ANTA Sports Products Limited. As on February 25, 2019, the transaction was approved by Federal Economic Competition Commission in Mexico. In addition, the Competition Bureau in Canada completed its review process concerning the tender offer, and the relevant Hart-Scott-Rodino waiting period in the United States expired. Therefore, the conditions relating the approvals from the required authorities have been satisfied in full. As of March 4, 2019, the offer is still subject to the satisfaction or waiver by the offeror of certain other conditions on or prior to the offeror's announcement of the final results of the Tender Offer including, among others, the offeror having gained control of more than 90% of the issued and outstanding Amer Sports shares and voting rights. The offer period is expected to commence on or about December 20, 2018 and to run for approximately 10 weeks. The offer is expected to be completed during the second quarter of 2019. As of December 19, 2018, the offer will commence on December 20, 2018 and will run till February 28, 2019. As announced on January 23, 2019, the offer did commence with the same schedule as expected earlier. As of February 21, 2019, the offer period is extended till March 7, 2019. As of March 4, 2019, the offer cannot be extended any further. On March 7, the acceptance period of the tender offer ended. As of March 8, 2019, the preliminary results of the offer were announced. As per the preliminary results, approximately 94.38% of the shares were tendered in the offer. The final results will be announced on March 12, 2019 and if shares tendered in the offer represent more than 90% of all shares and all other conditions to the offer are satisfied, then only the offer will be concluded and provided the tender offer is completed, the buyer consortium plans to launch a subsequent offer period commencing on a date to be announced in the final result announcement. As of March 28, 2019, 98.1% stake in Amer Sports Corporation have been tendered during the offer period. The buyers will confirm and announce the final results of the subsequent offer period and the final outcome of the tender offer after the subsequent offer period on or about April 1, 2019.

Citigroup Inc. acted as a financial advisor while Edward Freeman, Daniel French and Alex Mitchell and Alastair Mordaunt of Freshfields Bruckhaus Deringer LLP, Roschier, Attorneys Ltd. and Fangda Partners acted as legal advisors for the consortium. Morgan, Lewis & Bockius LLP acted as legal advisor to ANTA Sports. Daniel Dusek, Nicholas Norris, David Irvine, David Couper, Justin Dolling and Jennifer Feng of Kirkland Ellis acts legal advisors to FountainVest and Jeanette K. Chan of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Tencent. Nordea Bank Abp acted as the Lead Manager of the offer. Goldman Sachs International acted as financial advisor and opined that the transaction is fair from financial point of view, and Petri Haussila, Timo Airisto, Petri Avikainen, Vivan Tsoi, Catherine Tsang, Pontus Lindfelt, Lee Cullinane, Farhad Jalinous, Karalyn Mildrof, Sara Nordin, Essi Lavikkala, Heidi Hietanen, Rebecca Yourstone, Deborah Kelly, Marika Harjula, Siyuan Pan and Victoria Jiejin Yu of White & Case LLP acted as legal advisors to Amer Sports. RBC acted as financial advisor to Anamered Investments. Eero Ehrnrooth, Alexandra Therman-Londen, Rami Katajisto, Alex Safarov, Joosep Kadak and Jens Nystrand of Nordea acted as financial advisors to ANTA Sports Products, FoutainVest Partners and Tecent Holdings.

A consortium comprising ANTA Sports Products Limited (SEHK:2020) and FountainVest Partners completed the acquisition of Amer Sports Corporation (HLSE:AMEAS) on March 29, 2019. A consortium comprising ANTA Sports Products Limited (SEHK:2020) and FountainVest Partners completed the acquisition of 98.11% stake in Amer Sports Corporation on March 29, 2019. The offeror will file an application with the Redemption Board of the Finland Chamber of Commerce to initiate compulsory redemption proceedings for the remaining Amer Sports shares under the Finnish Companies Act.