Sodim, SGPS, S.A. made an offer to acquire additional 26.8% stake in Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. (ENXTLS:SEM) from Filipa Mendes de Almeida de Queiroz Pereira, D. Mafalda Mendes de Almeida de Queiroz Pereira, D. Lua Mónica Mendes de Almeida de Queiroz Pereira and others for approximately €240 million on February 18, 2021. Under the terms, 21.4 million shares will be acquired at a price of €11.40 per share. As announced on April 6, 2021, Sodim, SGPS increased the offer price from €11.40 to €12.17. As a result, total consideration will be approximately €260 million. Sodim, SGPS reserved reserves the right not to proceed with the squeeze-out mechanism if the consideration that comes to be determined in that context is higher than the consideration paid in the Offer. Sodim, SGPS, S.A. must have to acquire minimum 90% stake of 22.8 million shares subject to the offer. if Sodim, SGPS, S.A. has achieved 90% acceptance level, then it will go for squeeze out of remaining stake from the total offered shares. As per the announcement on May 20, 2021, Semapa paid a dividend of €0.512 per share. As of June 1, 2021, as Sodim decided to waive the condition of success of the Offer, and if Sodim, as a result of it, does not reach at least 90% of Semapa's voting rights, Sodim will instruct Banco Comercial Português, S.A. and Caixa – Banco de Investimento, S.A., so that, in the 5 business days subsequent to the day on which the results of the Offer are assessed, they proceed with the purchase, on behalf of Sodim, of all shares representing Semapa's share capital that may be offered for purchase at the price of €11.66 per Semapa share. The transaction is subject to minimum tender and regulatory approvals. The Board of Directors of Semapa - Sociedade de Investimento e Gestão, SGPS, S.A., is of the view that the transaction has good opportunity for its shareholders and its conditions are adequate and on March 5, 2021, the Board of Semapa - Sociedade de Investimento e Gestão, SGPS, S.A., approved the transaction. Offer will commence from February 25, 2021, the result of the offer will be determined in a special session of the regulated market Euronext Lisbon, in date to be defined. As of June 1, 2021, Sodim has received acceptances corresponding to approximately 7.67% of Semapa’s share capital and has acquired an additional 1.1% through the Euronext Lisbon market. It had waived the minimum acceptance condition. The Offer period will have a duration of 4 weeks, between 27 April 2021 to 25 May 2021, the respective physical and financial settlement will take place on the second business day after this special session. As per disclosure of May 25, 2021, the offer period has been extended to June 4, 2021 with June 7, 2021 being the date for Assessment of Offer results and June 9, 2021, being the date for physical and financial settlement of the Offer. BCP Investimento (Millennium BCP) and Caixa - Banco de Investimento, S.A. acted as financial advisors and financial intermediaries in charge of assisting the offer, JPMorgan Chase & Co. acted as financial advisor and Linklaters LLP acted as legal advisor to Sodim, SGPS, S.A.