Friheden Invest A/S decided to submit a voluntary tender offer to acquire remaining 24.4% stake in IC Group A/S (CPSE:IC) from Kirk & Thorsen Invest A/S, Niels Martinsen and others for approximately DKK 140 million on May 16, 2019. The offer is for DKK 39 in cash per share. The offer from Friheden Invest will merely result in a consolidation of the existing control of IC Group. As of July 3, 2019, Friheden Invest A/S acquired 91.18% stake in IC Group A/S. Friheden Invest currently holds 13.85 million shares representing 91.18% stake in IC Group A/S. Friheden Invest A/S will initiate a compulsory redemption of shares held by the remaining minority shareholders and procure that IC Group A/S applies for delisting of the shares. As of July 5, 2019, if Nasdaq Copenhagen accepts the request of delisting, the last day of trading is expected to be August 2, 2019. As of June 17, 2019, Kirk & Thorsen Invest A/S intends to accept the pending offer and sell all of its 0.37 million shares in IC Group. As of June 17, 2019, Chairman of IC Group A/S, Peter Thorsen has informed IC Group’s Board of Directors that he will not seek re-election at the Ordinary Annual General Meeting in September 2019. The offer is not subject to any conditions. As reported on June 18, 2019, the offer was extended for 14 days and will now expire on July 2, 2019. As of July 3, 2019, the offer will be completed and settled in cash as soon as possible and no later than July 8, 2019. Danske Bank A/S (CPSE:DANSKE) acted as financial advisor for Friheden Invest.