Inovalis and Hoche Partners Private Equity Investors S.À R.L. entered into an agreement to acquire remaining 27.1% stake in Advenis SA (ENXTPA:ADV) for €4.4 million on September 24, 2020. Inovalis and Hoche Partners Private Equity Investors will acquire remaining 2.1 million shares at an offer per share of €1.8 and remaining 126 convertible bonds at an offer per OCA of €3017.42. All the shares likely to be issued before the closing of the offer due to the conversion of OCA's not held by buyers, i.e. a maximum of 0.1 million shares at the date of the draft offer document. As of November 17, 2020, The offer price per share has been changed to €2.07 per share and the offer duration is 15 trading days. Inovalis and Hoche Partners Private Equity Investors has declared that it has jointly crossed the legal thresholds. The offer is part of the upward crossing by Inovalis and Hoche Partners Private Equity Investors of the threshold of 30% of the share capital and voting rights of Advenis and is therefore mandatory in accordance with the provisions of article 234-2 of the general regulations of Autorité des Marchés Financiers. The concert performers have agreed under the terms of the shareholders' agreement concluded between them on September 24, 2020 not to tender the shares held by them to the offer. Inovalis and Hoche Partners Private Equity Investors intends to request Autorité des Marchés Financiers, in a maximum period of 3 months following the closing of the offer, the implementation of a squeeze-out procedure.

The transaction is subject to approval by Autorité des Marchés Financiers. An adhoc committee constituting of Joëlle Chauvin, Sandrine Fougeirol du Boullay, Théodora Plagnard and Alain Regnault has been set up to supervise the work of the independent expert to be appointed by the Board of Directors, and to prepare a reasoned draft opinion. As of November 26, 2020, the tender offer is open from November 26 to December 16, 2020. Claire Karsenti of Sorgem Evaluation acted as independent expert for Advenis. Kepler Cheuvreux SA acted as financial advisor for Inovalis and Hoche Partners Private Equity Investors.