CERRAD Sp. z o.o. made a bid to acquire remaining 21.41% stake in Ceramika Nowa Gala SA (WSE:CNG) for PLN 7.5 million on November 27, 2019. The shares will be purchased for PLN 0.75 per share. Under the deal, CERRAD will acquire 10.04 million shares entitling to exercise 10.04 million votes at the General Meeting of Shareholders of Ceramika Nowa Gala. CERRAD is currently holding 36.85 million shares of Ceramika Nowa representing 78.59% of its share capital. As result of the tender offer, CERRAD will hold all shares of Ceramika Nowa, i.e. 46.893 million shares entitling to 46.893 million votes at the General Meeting and corresponding to 100% votes at the general meeting share capital. If as a result of the tender offer the threshold of at least 95% of the total number of votes is reached, the CERRAD does not exclude the commencement of the compulsory purchase of Shares belonging to the Ceramika Nowa’s minority shareholders. If the CERRAD decides to start the squeeze-out process, this process will start no later than within 3 months after reaches the 95% threshold of the total number of votes. A bank guarantee was issued by Bank Polska Kasa Opieki Spólka Akcyjna for a period not shorter than to settle the transaction of purchase of Shares. The subscription period for the sale of Shares in the tender offer may be extended (once or several times) to not more than 70 (seventy) days in total. Income from the sale will provide Ceramika Nowa Gala with funds to repay its loans and avoid uncontrolled insolvency.