EJT Investment S.a r.l offered to acquire the remaining 52.88% stake in Tarczynski S.A. (WSE:TAR) from a group of shareholders for PLN 63 million on December 12, 2017. Under the tender offer, EJT Investment S.a r.l will acquire 6 million shares of Tarczynski S.A. at PLN 10.5 per share. On February 7, 2018, Aegon OFE, Aviva OFE, Aviva BZ WBK, NN OFE, OFE PZU Zlota Jesien and OFE Pocztylion refused to sell shares at the offered price of PLN 10.5 apiece due to it not reflecting fair value of Tarczynski. On February 13, 2018, EJT Investment S.a r.l offered to acquire the remaining 52.88% stake in Tarczynski S.A. from a group of shareholders for PLN 75.6 million. EJT Investment increased the offer price to PLN 12.6 per share. On February 7, 2018, Aegon OFE, Aviva OFE, Aviva BZ WBK, NN OFE, OFE PZU Zlota Jesien and OFE Pocztylion refused to sell shares at the offered price of PLN 12.6 apiece due to it not reflecting fair value of Tarczynski. On February 22, 2018, EJT Investment S.a r.l offered to acquire the remaining 52.88% stake in Tarczynski S.A. from a group of shareholders for PLN 84 million. EJT Investment increased the offer price to PLN 14 per share. The management board regards it as a very good offer, especially bearing in mind the challenges Tarczynski is facing. On February 26, 2018, Nationale-Nederlanden OFE, Aviva OFE Aviva BZ WBK and OFE PZU Zlota Jesien again refused to sell shares at PLN 14 as the price indicating the offer did not reflect the fair value of Tarczynski. Should EJT Investment S.a r.l manage to increase its holdings in Tarczynski to 90%, it will most likely announce a squeeze-out of the remaining 10 percent of shares and delist Tarczynski S.A. The offer will remain open from January 30, 2018 till February 28, 2017. DM PKO BP and DM BZ WBK acted as managers for the tender offer. As of March 2, 2018, the deal is expected to be completed on March 5, 2018. Santander Bank Polska acted as financial advisor to EJT Investment and Tarczynski. EJT Investment S.a r.l completed the acquisition of additional 13.3% stake in Tarczynski S.A. (WSE:TAR) from a group of shareholders for PLN 21.1 million on March 5, 2018. EJT Investment S.a r.l acquired 1.51 million shares in the tender offer.