Marbles S.r.l. launched a tender offer to acquire 71.3% stake in Retelit S.p.A. (BIT:LIT) from Federico Protto and others for approximately ?330 million on May 31, 2021. As per terms of transaction, Marbles will acquire 117 million shares at a price of ?2.85 per share. The remaining 28.7% stake in Retelit is held by Fiber 4.0 Spa, wholly owned subsidiary of Marbles. The offer launched is aimed at the purchase of 100% stake of Retelit and the consequent revocation of the shares from listing on the Italian stock exchange. Following the completion of the offer, the offeror intends to fully support Retelit?s current business plan and development plans. The effectiveness of the offer is subordinated to the so-called Golden Power and for this reason the offeror will deposit the relative request for authorization to the Prime Minister. As regards the other conditions of effectiveness, in addition to the necessary green light from CONSOB, an offer linked to the achievement of a direct or indirect investment in Retelit equal to at least 66.67% stake but reserves the right to partially waive the minimum threshold provided it reaches at least 50% of the share capital plus one share. On June 19, 2021, CONSOB requested Marbles to provide certain additional information, suspending the 15-day review period until the completion of the information framework. On July 16, 2021, Italian financial market regulator Consob has approved the bid by Spanish infrastructure fund Asterion Industrial Partners to Retelit. On July 2021, Board of Retelit approved issuer's statement in connection with the transaction. The offer period will end on September 10, 2021. As of September 8, 2021, Managing Director Federico Protto announced his intention to adhere to the offer with all the 0.115 million shares he owns in Retelit S.p.A. As of September 9, 2021, period is extended to September 17, 2021. The Payment Date for the Shares tendered to the Offer, originally scheduled for September 17, 2021, is now set for September 24, 2021. The Re-opening of the Tender Period, if applicable, which was originally scheduled to take place for the session of September 20, 21, 22, 23 and 24, 2021, will occur from September 27 to October 1, 2021 and, thus, for the sessions of September 27, 28, 29 and 30, and October 1, 2021. The Payment Date following the Re-opening of the Tender Period, if applicable, originally scheduled for October 1, 2021, is now set for October 8, 2021. As on September 13,2021, the offer price was increased to ?3 per share and the minimum threshold was decreased from 66.67% of Retelit?s share capital to 50% of the share capital plus 1 Share of Retelit. If upon completion of the Offer and as a result of tenders to the Offer during the Tender Period and the Re-opening of the Tender Period, if any, purchases made outside the Offer in compliance with applicable laws during the Tender Period and the Re-opening of the Tender Period, if any, the Offeror and the Persons Acting in Concert come to hold an aggregate direct and/or indirect stake at least equal to 66.67% of the Issuer?s share capital, the Offeror will pay, in addition to the New Consideration, an additional consideration equal to ?0.10 for each Share tendered to the Offer. As of September 17, 2021, during the Tender Period 59.089254 million Shares have been tendered to the Offer, representing 50.486% of the Shares targeted by the Offer and 35.972% of the Issuer?s share capital. Considering the Shares tendered to the Offer and the Shares already directly and indirectly held by the Offeror before the Tender Period, if the above provisional results were confirmed, the Offeror would come to hold a stake equal to 64.720% of the Issuer?s share capital. The Threshold Condition, as amended by the Press Release of September 13, 2021 has been fulfilled. The results of the Offer will be disclosed in the Notice of the Results of the Offer to be issued by the Offeror on September 23, 2021. On September 22, 2021, The Offeror and the Persons Acting in Concert have not purchased any Shares in the period from the Offer Document Date to today so Marbles S.r.l agree to pay ?3.1 per share and so the overall consideration payable by the Offeror for the Shares tendered to the Offer is equal to ?117.3 million. If Threshold will not reach then tender offer will be re-opened on October 8, 2021. Reopening of the Tender Period, which ended on October 1, 2021, 42,374,105 Shares were tendered to the Offer, representing 36.204% of the Shares targeted by the Offer and 25.796% of the Issuer?s share capital. During the Reopening of the Tender Period, the Offeror purchased outside the Offer, for a consideration of ?3.10 per Share, 2,662,939 Shares. the Offeror will come to hold an overall stake greater than 90%, but lower than 95%, of the Issuer?s share capital then they have to go for e Sell-Out Procedure and once the stake increase more than 95% then they can delist the company. On October 8, 2021, 42,374,105 Shares tendered to the Offer during the Reopening of the Tender Period so the Offeror is required to purchase from the Issuer?s shareholders that will so request all of the 12,415,252 Shares (Remaining shares). Remaining shareholders will be paid ?3.1 per share. The last date for Submitting request was November 19, 2021. Marbles S.r.l will delist the Retelit S.p.A. On November 2, 2021, he Offeror has crossed the 95% threshold of the Issuer?s share capital. Sell-Out Procedure started on November 1, 2021 and ended on November 19, 2021 Lazard acted as independent financial advisor and fairness opinion provider to support the Board of Directors of Retelit. Vittoria Giustiniani of Bonelli Erede along with Francesco Dagnino and Angelo Messore of Lexia Avvocati acted as legal advisors for Retelit. Mediobanca acted as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cleary Gottlieb acted as legal advisor for Asterion, shareholder of Marbles. Mediobanca Banca di Credito Finanziario S.p.A. acted as financial advisor to Asterion Industrial Partners.