Finpanaria S.p.A. launched a voluntary tender offer to acquire remaining 26% stake in Panariagroup Industrie Ceramiche S.p.A. (BIT:PAN) for €21.8 million on March 31, 2021. Under the terms of transaction, Finpanaria will acquire 25.99% stake in Panariagroup Industrie Ceramiche at the purchase price of €1.85 per share. As of June 7, 2021, the purchase price of €1.85 per share is raised to €2 per share. The Offeror intends to finance the payment of the Price through financial debt. Offeror has entered into a loan agreement with Banco BPM S.p.A. to cover 100% of the consideration for the purchase of all the Offer Shares. Offeror intent to delist the shares from the Mercato Telematico Azionario. The offer’s effectiveness is subject to satisfaction of the condition that the acceptances of the offer must reach, in aggregate, a number of shares that enables the offeror to hold, as a result of the offer, an aggregate shareholding at least equal to 90% of the Issuer’s share capital, including the Shares held by the Offeror and by the Persons Acting in Concert, the treasury Shares held by Panaria and the Shares, if any, acquired by the Offeror and the Persons Acting in Concert outside of the Offer in accordance with the applicable legislation. Panariagroup Industrie Ceramiche's board deems consideration €1.85 per share in takeover bid launched by Finpanaria S.p.A. As on June 9, 2021, the offeror have reached a stake of more than 90% in Panariagroup. The offer open on May 10, 2021 and will close on June 7, 2021. The consideration is expected to be paid on June 10, 2021. The deal is expected to be completed on June 11, 2021. The Offeror is advised, in relation to the Offer, by Banca Akros, as a sole financial advisor, and Chiomenti, as a legal advisor. Morrow Sodali S.p.A acted as an information agent to Finpanaria. Finpanaria S.p.A. completed the acquisition of the remaining 26% stake in Panariagroup Industrie Ceramiche S.p.A. (BIT:PAN) on June 11, 2021. At the closure of the offer on June 11, 2021, a total of 5.9 million shares of Panariagroup Industrie Ceramiche S.p.A., were tendered, which rendered Finpanaria S.p.A., owning around 95.22% stake in Panariagroup Industrie Ceramiche S.p.A., for for €11.9 million. The consideration will be pain in cash on June 16, 2021. Now Finpanaria S.p.A. will takeover the rest of the shares via exercising the squeeze out right. As of June 14, 2021, the conditions required for the fulfilment, by Finpanaria S.p.A., of the Purchase Right and the fulfillment of the Purchase Obligation are met.