Crop Demetra Limited made an offer to acquire 61.5% stake in Isagro S.p.A. (BIT:ISG) for €65.7 million on March 7, 2021. Under the terms, the shares will be acquired at a price of €2.76 per share. In a related transaction, Crop Demetra Limited entered into an agreement to acquire 49% stake of Holdisa on March 7, 2021. Holdisa owns 53.7% stake in Isagro. In the context of the transaction, Crop Demetra Limited will also purchase 1,737,596 Isagro’s growth shares owned by the sellers, representing 12.3% of its outstanding growth shares. Holdisa in turn owns 3.3% of the growth shares. Isagro will be delisted from the stock exchange post the completion of the transaction. The completion of the transaction is subject to obtaining any necessary authorizations from the competent regulatory authorities for antitrust purposes and the "golden power" legislation and the termination of existing relationships between Isagro and its subsidiaries, on the one hand, and any entity located in countries or regions (including Cuba) in which a US person may not conduct business under applicable law, on the other side. As of May 28, 2021, CONSOB has requested additional information regarding the takeover bid and until then suspended the green light for the acquisition. On June 10, 2021, on the basis of the content of the fairness opinion issued by the financial advisor and of the opinion of the Independent Directors, the Board of Directors deemed appropriate, from a financial point of view, the price of €2.76 for each ordinary share of Isagro that will be tendered to the Offer. As of June 28, 2021, Crop Demetra Limited Company received valid acceptances amounting to 1.79 million amounting to 24.43% stake in Isagro S.p.A. The transaction is expected to be completed within third quarter of 2021. As per update on June 15, 2021, the offer has commenced on June 14, 2021 and will expire on July 2, 2021. The reopening of the acceptance period will not take place after July 2, 2021. Federico Vermicelli, Gianfranco Veneziano, Mauro Cusmai, Claudio Tesauro, Riccardo Cavalli, Luca Ranno, Raffaele Cassano, Chiara Spadafora, Stefano Simontacchi, Stefano Brunello and Francesco Saverio Scandone of BonelliErede acted as legal advisors and Mediobanca as financial advisor to Crop Demetra Limited in the transaction. Sara Moro and Roberto de Bonis of LCA Studio Legale acted as legal advisor to the sellers in the transaction. Lazard S.r.l. acted as independent financial advisor to Independent Directors and Alessandro Chieffi acted as legal advisor to the Board of Directors. Crop Demetra Limited completed the acquisition of 61.5% stake in Isagro S.p.A. (BIT:ISG) on July 2, 2021. On end of the acceptance period on July 2, 2021, based on the provisional results, 7.34 million shares, representing 18.94% of Isagro’s share capital and equal to 58.44% of the shares covered by the offer, were tendered to the offer. Accordingly, Crop Demetra will hold a total of 35.3 million shares (directly and indirectly), representing 91.11% of the corporate capital and voting rights of Isagro. As per the terms the Offeror will fulfill its obligation to purchase the remaining Shares from the Issuer’s shareholders. (Sell-out Obligation). The period agreed with Borsa Italiana, during which the Offeror will fulfil the Purchase Obligation will start at July 12, 2021 and end on July 30,2021. As on July 6, 2021,the Offeror will hold a total of No. 35.413.110 Shares, representing 91.45% of the corporate capital and voting rights of Isagro S.p.A. As on August 9, 2021, the transaction has been finalized and settled, Isagro is now a privately owned company controlled by Gowan.