Chiara Finanziaria Srl made an offer to acquire 27.101% stake in Caltagirone Editore SpA (BIT:CED) for €33.9 million on June 9, 2017. As part of the deal, Chiara Finanziaria will launch a tender offer to acquire 33.9 million shares of Caltagirone Editore at a price of €1 per share. As on September 8, 2017, the share price of the offer has been increased from €1.00 to €1.22 resulting in a total purchase price of €41.3 million. Following the offer Chiara Finanziaria plans to delist Caltagirone Editore. As of July 9, 2017, Francesco Gaetano Caltagirone resigned from the position of Chairman and Director, Azzurra Caltagirone from the position of Vice Chairman and Director and Alessandro Caltagirone and Francesco Caltagirone from the position of Director as part of the transaction. The offer is subject to minimum threshold condition. As of September 12, 2017, the offer got approved by Board of Directors of Caltagirone Editore S.p.A. Acceptance period commenced on July 24, 2017 and will end, except for extensions, on September 8, 2017. As on September 7, 2017, the offer period has been extended till September 18, 2017. Alberto Giampieri, Marco Sagliocca, Andrea Sorace and Maria Teresa Franzese of Legance - Avvocati Associati acted as legal advisors to Chiara. Leonardo & Co S.p.A acted as fairness opinion expert to the Board of Directors of Caltagirone Editore. Società per Amministrazioni Fiduciarie "SPAFID" acted as intermediary to the offer.