Parjointco N.V. have reached an agreement to acquire remaining 45% stake in Pargesa Holding SA (SWX:PARG) for CHF 2.8 billion on March 11, 2020. Under the offer, Parjointco will issue 0.93 shares of Groupe Bruxelles Lambert SA for each bearer share of Pargesa Holding SA. Following completion of the offer, Parjointco intends to take Pargesa private by applying for the delisting of the Pargesa shares from SIX Swiss Exchange. The offer is subject to certain conditions including minimum acceptance of 90% stake of Pargesa Holding SA and approval from shareholders of Groupe Bruxelles Lambert SA (GBL) to approve an amendment to GBL's articles of association in extraordinary general meeting to be held on April 28, 2020 and no judicial or administrative authority should have issued any decision preventing, prohibiting, or qualifying as inadmissible the offer or its completion. The Board of Directors of Pargesa Holding SA has reviewed and approved the transaction on March 11, 2020. The offer was launched on April 22, 2020. As of April 22, 2020, the Board of Directors of Pargesa Holding SA unanimously recommends accepting the public exchange offer of Parjointco Switzerland SA. The offer was approved by the Swiss Takeover Board. As of April 28, 2020, an extraordinary general meeting of shareholders of GBL approved the introduction of a double voting right in GBL's articles of association. As of June 8, 2020, the minimum acceptance rate condition was satisfied as well and Parjointco consequently declares the offer successful. The acceptance period of the offer is planned to be from May 8, 2020 to June 8, 2020. At the end of the main acceptance period of the offer on June 8, 2020, 28.5 million bearer shares in Pargesa had been notified for acceptance in the offer. As of June 8, 2020, Parjointco and the persons who are deemed to be acting in concert with it hold 67.9 million bearer shares, represent 89.06% of Pargesa's share capital and 93.98% of its voting rights. The definitive interim results of the offer will be published on June 12, 2020. The offer will be re-opened during an additional acceptance period, which will begin on June 15, 2020 and will end on June 26, 2020. The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor while Freshfields Bruckhaus Deringer LLP (Amsterdam), Loyens & Loeff N.V. and Oberson Abels SA acted as legal counsel to Parjointco. Jacques Iffland of Lenz & Staehelin acted as legal advisor to Desmarais and Frère family group. Zürcher Kantonalbank is acting as offer manager. Grégoire Heuzé, Mathieu Claro, Vincent Thiebaud and Martin Gamperl of Rothschild & Co Bank AG acted as financial advisor and fairness opinion provider to Pargesa Holding SA. Professor Peter Nobel acted as legal counsel to the board of directors of Pargesa.