Efanor Investimentos SGPS, SA made an offer to acquire remaining 37.8% stake in Sonae Capital, SGPS, SA (ENXTLS:SONC) for €66.2 million on July 31, 2020. Efanor Investimentos will acquire 94.5 million shares at an offer per share of €0.7. As per the update, Efanor has acquired 12.9 million directly after Preliminary Announcement Date and up to the Prospectus Date. So now Efanor will acquire 81.6 million representing 32.64% stake. As on October 21, 2020, the offer price is increased from €0.7 to €077. Hence, Efanor will acquire the stake for €62.8 million. The offer will be financed with credit lines already contracted, through which the funds necessary to pay the full consideration offered are assured. Efanor Investimentos will resort to the squeeze-out mechanism for the remaining shares not tendered in the offer. The transaction is subject to reaching more than 90% of the voting rights of Sonae Capital and approval from regulatory board. The Board of Sonae Capital considers the offer is justifiable and acceptable, recommending that the shareholders make an evaluation of the consideration and make the consequent decision to accept or not to accept the Offer in light of their own investment profile and liquidity circumstances. Minimum tender condition has been waived off by Efanor. The offer period will start from October 7, 2020 to October 27, 2020. Caixa - Banco de Investimento, S.A. and Banco Santander Totta, S.A. acted as financial advisors to Efanor Investimentos. Efanor Investimentos SGPS, SA completed the acquisition of additional 9.9% in Sonae Capital, SGPS, SA (ENXTLS:SONC) for €19.1 million on October 27, 2020. In the tender offer, 24.9 million shares are tendered. Post completion, Efanor Investimentos SGPS, SA holds 230.8 million shares in Sonae Capital. Morais Leitão, Galvão Teles, Soares da Silva & Associados acted as legal advisor for Efanor. As on November 20, 2020, Sonae Capital, SGPS, SA has been delisted from the stock exchange.