BEWi ASA (OB:BEWI) made a tender offer to acquire remaining 45.34% stake in IZOBLOK S.A. (WSE:IZB) for PLN 29 million on November 2, 2021. Under the terms of transaction, BEWi ASA will acquire remaining 0.6 million of Izoblok shares for PLN 50.41 per share. BEWi ASA currently owns 54.6% stake in IZOBLOK.

If BEWI succeeds in acquiring 100% of the outstanding shares, the company intends to delist the shares in IZOBLOK from trading on the Warsaw Stock Exchange (WSE). A delisting of the shares requires a consent of the Polish Financial Supervision Authority. If BEWI in the tender offer acquires shares that, together with the shares currently held by BEWI in, represent at least 95 per cent of the total number of votes at the General Meeting of IZOBLOK, BEWI intends to conduct a squeeze-out of the shares from the minority shareholders, pursuant to the applicable laws.

Tender offer will commence from December 10, 2021 and expected to close on February 2, 2022.