Kokusai Pulp & Paper Co., Ltd. (TSE:9274) made an offer to acquire a 16.3% stake in Antalis Société anonyme (ENXTPA:ANTA) from shareholders for €8.4 million on May 19, 2020. Under the terms of transaction, Kokusai Pulp & Paper will launch a simplified cash tender offer on all remaining shares of Antalis at a price of €0.73. In a related transaction, Kokusai Pulp&Paper Co.,Ltd. entered into a share purchase agreement to acquire 75.2% in Antalis Société anonyme from Sequana SA for €5.3 million on May 19, 2020. As of September 17, 2020, the offer price was increased to €0.9 per share. Kokusai Pulp & Paper Co., Ltd. will acquire 16.3% stake in Antalis Société anonyme from shareholders for €10.3 million. The tender offer is still currently being reviewed by the AMF and remains subject to its clearance decision. Antalis' Board of Directors set up an ad hoc committee composed of a majority of independent directors to deliver a report on the financial parameters of the offer and the subsequent squeeze-out within the framework. Kokusai Pulp & Paper intends to request the implementation of a squeeze-out procedure at the same price, if the conditions provided for by applicable law and regulations are satisfied. As of October 13, 2020, the transaction was approved by Autorité des marchés financiers (AMF). As of October 14, 2020, the tender offer was initiated. The offer would remain open from October 15 to October 28, 2020. Kokusai Pulp & Paper Co., Ltd. intends to delist Antalis post tender offer is completed.

Pardieu Brocas Maffei acted as legal counsel for Kokusai Pulp & Paper Co., Rothschild & Co SCA (ENXTPA:ROTH) acted as financial advisor to Antalis Société. FINEXSI, SA, Financial Advisory Arm acted as the fairness opinion provider to Board of Antalis Société anonyme.