Jean-Michel Bénard made a tender offer to acquire unknown stake in ITS Group (ENXTPA:ITS) from Jean-Michel Bénard and his family, BNP Paribas Développement SA, SCR, Robert Spiegel and others on October 21, 2019. Offer per share is €6.62. The tender offer, if successful, will see Jean-Michel Bénard to form a new holding company, with existing shareholders BNP Paribas Développement and Robert Spiegl also holding a significant stake. Bénard and his family currently hold a 27.79% in ITS Group's capital and 29.32% of its voting rights. As a result of offer, the stake of Jean-Michel Bénard will increase to 51.56%, making him the majority shareholder. Main shareholders tender their shareholding to its participations representing 51.56% of capital. Board of Directors also met on November 20, 2019 to review the proposed simplified takeover bid followed, if necessary, by a squeeze-out. Board is favorable to proposed public offer for its group shares. The launch of the public offer remains subject to the AMF's compliance decision. Subject to this reservation, the public offer could be opened at the end of December 2019. As of December 19, 2019, the offer is open until January 10, 2020 inclusive. The results of the offer will be made public on January 14, 2020, subject to confirmation by the AMF and Euronext in their notices of closing of the offer to be published. Jean-François Pourdieu, Delphine Vidalenc, Meriem Semrani, Matthieu Candia, Hugues de Fouchier of De Pardieu Brocas Maffei acted as legal advisors to Jean-Michel Bénard.