Footway Group AB (publ) (OM:FOOT B) made a tender offer to acquire Sportamore AB (publ) (OM:SPOR) for approximately SEK 440 million on February 17, 2020. Under the terms of the acquisition, 2.5 shares of Class B Footway Shares will be issued for each Sportamore share, for the 33% of the Sportamore shares tendered and a cash consideration of SEK 46.4 per share for the remaining 67% of the Sportamore shares. Shareholders of Sportamore holding 300 or fewer shares may choose a consideration alternative consisting solely of cash compensation of SEK 45.28 per share in Sportamore.

The transaction is conditional upon among other things that the Offer is accepted to such extent that Footway becomes the owner of shares representing more than 90 percent of the total number of outstanding shares in Sportamore, that the shareholders of Footway, at an extraordinary general meeting, decide, with the required majority, to authorize the board of directors to issue new ordinary shares of Class B in Footway in connection with the Offer, partly through a non-cash issue to the shareholders of Sportamore who accept the Offer, and partly by a directed share issue to certain investors to finance the cash consideration in the Offer, and that, with respect to the Offer and completion of the acquisition of Sportamore, all necessary clearances, approvals, decisions and other actions from authorities or similar, including approvals from competition authorities, being obtained, in each case on terms which, in Footway's opinion, are acceptable. As of March 12, 2020, Board of Sportamore unanimously recommends the shareholders of Sportamore to accept Footway's public tender offer. The acceptance period for the tender offer is from March 13, 2020 to April 3, 2020.

Carnegie Investment Bank acted as financial advisor and KANTER Advokatbyrå as legal advisor to the Board of Sportamore in relation to the transaction.