Basler Kantonalbank (SWX:BSKP) made a tender offer to acquire the remaining 24.3% stake in Bank Cler AG (SWX:BC) for approximately CHF 210 million on June 20, 2018. Basler Kantonalbank will acquire 4.1 million shares and offer CHF 52 per share of Bank Cler AG. Basler Kantonalbank will finance the acquisition with own funds. Bank Cler will remain as an independent institute with its own leadership even after the complete acquisition. In the event that the bidder holds more than 98% of the voting rights in Bank Cler after closing, the bidder reserves the right to file for the cancellation of the remaining Bank Cler shares. If the bidder holds between 90% and 98% of the voting rights in Bank Cler after closing, the bidder reserves the right merge the target company with the bidder or a direct or indirect Swiss subsidiary of the bidder and to compensate the owners of the remaining Bank Cler shares in cash. The offer is expected to be submitted subject to valid and irrevocable acceptance declarations for Bank Cler shares, which correspond to at least 90% of all Bank Cler shares together with the Bank Cler shares held by the bidder and its subsidiaries upon expiration of the (possibly extended) offer period, are available to the bidder upon expiration of the (possibly extended) offer period. The Board of Directors of Bank Cler recommends the offer to the shareholders for acceptance. The offer period is expected to be from August 16, 2018 until September 13, 2018 and the grace period is expected to start from September 19, 2018 to October 3, 2018. As of August 2, 2018, the offer period will start from August 17, 2018 and end on September 13, 2018. As of September 19, 2018, deal terms have been revised. The offer for 21.5% stake is valued at approximately CHF 190 million. As at the expiry date, 2.3 million shares corresponding to 13.89% stake in Bank Cler, out of 3.6 million shares for which the offer relates, corresponding to 21.53% stake have been tendered. Basler expects to hold a total of 15.6 million shares in Bank Cler corresponding to 92.35% stake, increased from 13.2 million shares corresponding to 78.46%, if all the shares are tendered. The grace period for the offer begins on September 20, 2018, and ends on October 3, 2018. The transaction is expected to be completed by mid-October 2018. As of September 19, 2018, the transaction is expected to close on October 17, 2018. As of October 3, 2018, 3.04 million shares of Bank Cler AG were tendered. On October 3, 2018, Basler Kantonalbank holds total 98.7% shares of Bank Cler. After expiration of the additional acceptance period of the tender offer, Basler Kantonalbank holds 98.7% of the voting rights and share capital of Bank Cler. Subject to the satisfaction of all conditions, the closing of the tender offer is expected to take place on October 17, 2018. Basler Kantonalbank (SWX:BSKP) completed the acquisition of the remaining 21.5% stake in Bank Cler AG (SWX:BC) on October 17, 2018.