TGLT S.A. (BASE:TGLT) made a public voluntary offer to acquire 17.68% stake in Caputo S.A.I.C. y F. (BASE:CAPU) for $23.5 million on January 19, 2018. The offer involves a mandatory public offering for the acquisition of shares at a price per share of $0.7914 to be paid in cash and a public offer for voluntary exchange of common shares of TGLT, at the share exchange ratio to be determined in due course. The holders of Caputo shares may opt to participate in the mandatory public offering and/or in the public offer for voluntary exchange and/or maintain their shareholding. In a related deal, TGLT S.A. acquired 82.32% stake in Caputo S.A.I.C. y F. from Nicolás Caputo and other shareholders for approximately $110 million on January 19, 2018. TGLT S.A. will launch a local share offering to raise funds to acquire 17.68% stake in Caputo S.A.I.C. y F. The mandatory public offering shall not be subject to a minimum or maximum number of shares to be purchased and any number of acceptances received will be maintained. The public offer for voluntary exchange shall be for up to any amount of shares necessary to meet all the applications filed under public offer for voluntary exchange, even in case all holders of shares opt for the voluntary exchange of shares. The offer is subject to one of more of the purchase agreements being terminated and to obtain and keep in force the authorization from the CNV to make the offer. As on February 28, 2018 the ordinary and extraordinary general assembly of TGLT S.A. unanimously approved the issuance of 25 million new ordinary shares to be paid in kind through the transfer to TGLT of shares of Caputo owned by those who choose to participate in the public offer for voluntary exchange. On May 28, 2018, by application of the price adjustment procedure, the price payable by TGLT to each seller increased from $0.7914 to 0.799. TGLT also decided to waive the voluntary share swap. On July 24, 2018, the Board of the CNV (National Securities Commission of Argentina ) approved the offer. On August 3, 2018, TGLT announced commencement of the offer for a total term of twenty five business days. The offer started on August 8, 2018. Quantum Finanzas S.A. and Finanzas y Gestión S.A. acted as appraisers to TGLT. Diego Serrano Redonnet, Danilo Parodi Logioco, Lucas Cataldi Othacehé and Paula Balbi of Pérez Alati, Grondona, Benites & Arntsen acted as legal advisor to TGLT.