Ringier Axel Springer Media AG made an offer to acquire MZN Property S.A. (WSE:MZN) from Alterium Holding Sp. z o.o. and others for PLN 83.7 million on February 26, 2020. Under the terms, Ringier Axel Springer Media AG will acquire 42.5 million shares at an offer price of PLN 1.97 per share in MZN Property. The management team of MZN Property S.A. will continue to manage the company and to hold a minority shareholding. In related transactions, Ringier Axel Springer Media AG agreed to acquire Gratka.pl from HKM GmbH. Shareholders holding together 64.33% in MZN Property S.A. have already committed to Ringier Axel Springer Media AG to participate in the tender offer. The tender offer will be subject to various customary conditions, including the receipt of regulatory approvals and a minimum offer acceptance of 66% of MZN Property S.A.’s share capital. The transaction also requires the approval by the Office of Competition and Consumer Protection (UOKiK) i.e. equivalent to merger control. Delisting from WSE is not ruled out. As of March 26, 2020, minimum enrollment threshold has been reached. As of April 7, 2020, the Office of Competition and Consumer Protection ( UOKiK ) approved the transaction and all the conditions of the offer has been met. The period will last from March 23, 2020 to April 24, 2020. Marcin Bartnicki, Mateusz Stepien, Krzysztof Hajdamowicz and Nick Fletcher of Clifford Chance LLP acted as a legal advisor to Ringier Axel Springer Media AG. Rafal Zwierz and Monika Szczotkowska of CMS acted as a legal advisor to MZN Property. Malgorzata Badowska and Michal Bochowicz of GESSEL acted as legal advisor to Alterium Holding.