Thornico Holding A/S made a bid to acquire the remaining 31.4% stakes in Brødrene Hartmann A/S (CPSE:HART) for DKK 600 million on September 19, 2023. Subject to adoption of the proposal at the extraordinary general meeting and Nasdaq Copenhagen's approval of delisting the shares, at the price of DKK 300 per share. As of September 27, 2023, VN Capital Management LLC urging all other minority shareholders to reject the take over offer of DKK 300 per share made by Thornico Holding.

As of October 12, 2023, The price offered in the purchase offer will be increased from DKK 300 per share to DKK 360 per share. In Related transaction, Thornico entered into an agreement to acquire a approx. 10% of all shares and voting rights in Hartmann from Handelsbanken, VN Capital, Aktia and Abaco Capital for DKK 360 per share on October 12, 2023.

Upon completion of the purchase, Thornico will hold approx. 80% of all shares and voting rights in Hartmann. As part of the agreement, the selling shareholders have agreed to vote in favour of the proposal to delist the company's shares prior to the sale of the shares to Thornico at extraordinary general meeting held on October 16, 2023.