Network Related Services SA made an offer to acquire remaining 36.02% stake in Business & Decision SA (ENXTPA:BND) for €22.5 million on October 26, 2017. The shares of Business & Decision will be acquired at €7.93 per share. In a related transaction, Network Related Services signed an agreement to acquire 63.98% stake in Business & Decision for approximately €40 million on October 26, 2017. The offer is pending approval by the French Market Authorities and the appointment of an independent expert. If at the end of the offer, other shareholders hold no more than 5% of the capital of Business & Decision, Network Related Services SA will request that a squeeze-out procedure be initiated for shares that have not been tendered in the offer for €7.93 per Business & Decision share. As on June 5, 2018, Board of Directors of Business & Decision unanimously approved the transaction and recommends the shareholders to tender their shares to the offer. The tender offer commenced on June 29, 2018 and will close on July 19, 2018. Ledouble consultancy acted as independent expert for Board of Directors of Business & Decision. Network Related Services SA completed the acquisition of additional 19.1% stake in Business & Decision SA (ENXTPA:BND) for €11.9 million on July 19, 2018. Upon closing, Network Related Services SA owns 81.82% stake in Business & Decision SA.