Massimo Zanetti Industries S.A. launched a takeover bid to acquire remaining 32% stake in Massimo Zanetti Beverage Group S.p.A. (BIT:MZB) for €54.8 million on September 29, 2020. Massimo Zanetti Industries S.A. made an offer to acquire remaining 32% stake in Massimo Zanetti Beverage Group S.p.A. for €60.3 million on November 25, 2020. As a part of transaction, Massimo Zanetti will acquire 10.96 million shares in Massimo Zanetti Beverage at a price of €5 per share. As of November 25, 2020, the offer price was increased from €5 per share to €5.5 per share. Post transaction, Massimo Zanetti Beverage will be delisted from the exchange. As of October 22, 2020, transaction has been approved by Italian watchdog. The Board of Directors of Massimo Zanetti Beverage Group S.p.A. approved the offer by majority decision. Takeover bid will start on October 26, 2020 and will close on November 20, 2020. As of November 19, 2020, the offer period is extended till November 27, 2020, payment date will be December 4, 2020, reopening if applicable will last from December 7, 2020 to December 11, 2020. BNPP Securities Services (Milan branch) acted as financial advisor, Morrow Sodali S.p.A acted as information agent and Vittoria Giustiniani, Mauro Cusmai and Emanuela Da Rin of Bonelli Erede Pappalardo Studio Legale acted as legal advisor to Massimo Zanetti Industries S.A. Mediobanca - Banca di Credito Finanziario S.p.A. acted as financial advisor and fairness opinion provider for Massimo Zanetti Beverage Group S.p.A. Equita SIM S.p.A. and BNP Paribas Securities Service – Milan Branch acted as intermediaries in the deal. Morrow Sodali S.p.A. acted as global information agent for Massimo Zanetti Beverage Group. Massimo Zanetti Industries, Antonio Coletti and Antongiulio Scialpi of Latham & Watkins acted as legal advisors to BNPP Securities Services. Ludovico Rusconi and Pietro Bernasconi of Studio Professionale Associato a Baker & McKenzie acted as legal advisor to the Board of Directors of Massimo Zanetti Industries S.A. Carlo Croff and Italo De Santis of Chiomenti Studio Legale acted as legal advisors to the independent directors of Massimo Zanetti Industries. Massimo Zanetti Industries S.A. completed the acquisition of remaining 32% stake in Massimo Zanetti Beverage Group S.p.A. (BIT:MZB) on November 27, 2020. Massimo Zanetti acquired 5.245 million shares in the offer apart from the 2.34 million shares acquired outside the offer. Massimo Zanetti will compulsory acquire the remaining shares on the market. As of January 18, 2021, the stake of Massimo Zanetti increased to 95.14%. The threshold for the fulfillment of the purchase obligation has been reached.