Newlat Group S.A. launched a tender offer to acquire 52.4% stake in Centrale del Latte d'Italia S.p.A. (BIT:CLI) for €19.6 million on April 1, 2020. In related transaction, Newlat Group S.A. signed a letter of intent to acquire 46.24% stake in Centrale del Latte d'Italia S.p.A. (BIT:CLI) from Finanziaria Centrale Del Latte Di Torino S.p.a, Lavia, Luigi Luzzati, Marco Fausto Luzzati, Carla Luzzati and Sylvia Loew. As per the transaction, Newlat Group S.A. will acquire the share of Centrale del Latte d'Italia S.p.A at an offer price of €1 and 0.33 Newlat Food ordinary shares for each CLI share. Completion of the transaction is subject to approval from Commissione Nazionale per le Società e la Borsa (CONSOB). As of June 25, 2020, the transaction was approved by Newlat shareholders in their extraordinary general meeting. As of July 3, 2020, the transaction was approved by CONSOB. On the basis of the provisional results, 2.8 million ordinary CLI shares were in acceptance of the Offer, representing 20.02% of the Issuer's share capital. The provisional results, if confirmed, result in the Offeror's failure to achieve a stake of more than 90% of the Issuer's share capital. Therefore, as of today, the conditions required for the purchase obligation pursuant to art. 108, paragraph 1 of the TUF, of the Purchase Obligation pursuant to art. 108, paragraph 2 of the TUF or the Purchase Right are not met. The transaction is expected to completed by July 24, 2020. Banca Akros S.p.A., Equita SIM S.p.A. and UBI Banca S.p.A. were appointed as Newlat Food’s financial advisors for the transaction while BonelliErede acted as legal advisor. Newlat Group S.A. completed the acquisition of 20% stake in Centrale del Latte d'Italia S.p.A. (BIT:CLI) for €7.3 million on July 30, 2020. Newlat Group S.A. acquired 2.8 million shares in the offer and with already owned 6.7 million shares and upon completion holds 9.5 million CLI shares representing 67.59% stake.