Société pour le Financement de l'Industrie Laitière SAS made an offer to acquire remaining 12.3% stake in Parmalat S.p.A. (BIT:PLT) from Amber Capital and other shareholders for approximately €640 million on December 27, 2016. Société pour le Financement de l'Industrie Laitière already owns 87.7% stake and will acquire 227 million shares of Parmalat for €2.80 per share and also includes a maximum of 52.85 million shares allocated to creditors and a maximum of 7.03 million shares for warrants. The transaction is subject to antitrust approval by CONSOB. As of January 24, 2017, the tender offer for Parmalat S.p.A. is put on hold. As of January 28, 2017, Consob restarted the tender offer procedure while the threshold for the delisting went down to 90%; Sofil will have to acquire another 2.26% of Parmalat. On January 20, 2017, the Consob requested for additional information (on the documentation presented by Lactalis), leading to the interruption of the investigation until the completion of the informative framework. As on January 30, 2017, Consob approved the tender offer. The period of acceptance of the tender offer will begin February 9, 2017 and will end on March 10, 2017. As on March 22, 2017, offer has been extended for a further five days. The offer will be reopened from March 29, 2017 to April 4, 2017. Société pour le Financement de l'Industrie Laitière bought 1.85%, giving it a total holding of more than 90% of the total shares. As on February 8, 2017, Parmalat board of directors approved the transaction. As on March 3, 2017, the offer price per share has been revised to €3. The deal has been postponed till March 21, 2017. Francesco Gatti, Rossella Pappagallo, Paolo Garbolino, Carlotta Corba Colombo, Giorgia Capuzzo, Amélie Gillet and Michele Conese of Gatti Pavesi Bianchi acted as legal advisor and Société Generale Corporate and Investment Banking acted as financial advisor to Sofil. Lazard and Leonardo & Co. AG acted as financial advisor for Board of Directors of Parmalat. Gruppo Banca Leonardo S.p.A. acted as the fairness opinion provider for Groupe Lactalis S.A. On March 22, 2017, Société pour le Financement de l'Industrie Laitière SAS failed to raise to 90% to trigger the delisting. The tender offer stopped to 34.36 million shares representing 1.85% of capital. Société pour le Financement de l'Industrie Laitière SAS completed the acquisition of an additional 1.85% stake in Parmalat S.p.A. (BIT:PLT) from Amber Capital and other shareholders on April 4, 2017.