Orkla Food Ingredients AS made a voluntary public cash tender offer to acquire remaining 34.18% stake in Stelios Kanakis Industrial and Commercial S.A., Raw Materials for Confectionary, Bakery and Ice-Cream(ATSE:KANAK) from Stelios, Maria, Eleftheria and Varvara Kanakis and others for €11.2 million on March 28, 2019. Under the terms of the offer, Orkla will pay €4.36 per share in cash. In a related deal, Orkla Food Ingredients AS entered into an agreement to acquire 65.8% from Stelios and Maria Kanakis. Stelios Kanakis, who is Managing Director of Stelios Kanakis Industrial and Commercial S.A., Raw Materials for Confectionary, Bakery and Ice-Cream will continue to serve in that position. If and when the aforementioned transfer has been completed, the shareholders Stelios, Maria, Eleftheria and Varvara Kanakis will accept the tender offer and will offer to the offeror the total of their remaining 1.5 million shares corresponding to 20% of the total paid-up share capital and voting rights of the Company. If Orkla attains an ownership interest of over 90% in Kanakis, a squeeze-out process will be implemented and the company will be delisted. At the same time, 20% of the shares will be sold back to the Kanakis family at the same price as in the voluntary tender offer, with the result that the family will own 20% and Orkla 80% of the company. Completion of the share purchase agreement and the tender offer are subject to Orkla acquiring 4.18% of the shares in Kanakis from minority shareholders following announcement of the tender offer. The tender offer is subject to the condition that, at the end of the Acceptance Period, the Offered Shares, together with the Shares that the Offeror and the Persons Acting in Concert with the Offeror may acquire from the Tender Offer Date until the end of the Acceptance Period, amount at least to 6.75 million Shares, which correspond to 90% of the total paid-up share capital and voting rights of Stelios Kanakis. As of July 4, 2019, The acceptance period for Stelios Kanakis started on April 6, 2019 and expired on July 2, 2019. Shareholders, who accepted lawfully and validly the takeover Bid, offering in total 1,568,574 shares, representing 20.92% approximately. The Tender Offer is subject to the approval of the Information Memorandum by the HCMC. The Offeror has commenced the Tender Offer process on the Tender Offer Date by informing the HCMC and the Company’s Board of Directors and submitting to them at the same time a draft of the Information Memorandum. Piraeus Bank acted as financial advisor and Pantelakis Securities S.A. acted as independent valuer for Orkla Food Ingredients AS. Zepos & Yannopoulos Law Firm acted as legal advisor for Orkla Food Ingredients AS.