Thornico Food & Food Technology Group A/S made an offer to acquire the remaining 20.79% stakes in Brødrene Hartmann A/S (CPSE:HART) for DKK 520 million on September 19, 2023. Subject to adoption of the proposal at the extraordinary general meeting and Nasdaq Copenhagen's approval of delisting the shares, at the price of DKK 300 per share. As of September 27, 2023, VN Capital Management LLC urging all other minority shareholders to reject the take over offer of DKK 300 per share made by Thornico. As of October 12, 2023, The price offered in the purchase offer will be increased from DKK 300 per share to DKK 360 per share. In Related transaction, Thornico entered into an agreement to acquire a approx. 10% of all shares and voting rights in Hartmann from Handelsbanken, VN Capital, Aktia and Abaco Capital for DKK 360 per share on October 12, 2023. Upon completion of the purchase, Thornico will hold 79.21% of all shares and voting rights in Hartmann. As part of the agreement, the selling shareholders have agreed to vote in favor of the proposal to delist the company's shares prior to the sale of the shares to Thornico at extraordinary general meeting held on October 16, 2023. As of October 16, 2023, the transaction is approved by shareholders. The offer will expire on December 20, 2023. Danske Bank A/S acted as a registrar to Thornico.

Thornico Food & Food Technology Group A/S completed the acquisition of remaining 20.79% stake in Brødrene Hartmann A/S (CPSE:HART) on December 20, 2023. Thornico now holds a total of 97.6% of all Hartmann shares. The remaining shares are expected to be acquired through compulsory redemption early 2024.