A&R Carton AB and Colorpack GmbH launched a tender offer to acquire the remaining 39.18% stake in BSC Drukarnia Opakowan Spólka Akcyjna (WSE:BSC) from the remaining shareholders for approximately PLN 160 million on January 23, 2020. Under the terms of the transaction, A&R Carton and Colorpack will pay PLN 40.38 for each of the 3.84 million remaining shares in BSC Drukarnia. Upon completion, A&R and Colorpack will hold 100% stake in BSC Drukarnia. As of February 25, 2020, the shareholders of BSC Drukarnia Opakowan Spólka Akcyjna are of the opinion that the offer price of PLN 40.38 per share does not reflect the fair value of the shares and they do not intend the to sell the shares. The offer will be launched from February 12, 2020 to March 12, 2020. The transaction is expected to complete on March 20, 2020. Santander’s brokerage unit is the financial advisor and the intermediary in the tender offer. Wierzbowski Eversheds Sutherland acted as legal advisor to A&R Carton AB and Colorpack GmbH in the transaction.