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On 31 March 2020, Antalis announced the signature of a binding put option agreement between Sequana, Antalis’ majority shareholder, and Kokusai Pulp & Paper Co., Ltd. (“KPP”) for the purchase of all shares held by Sequana, subject to certain conditions, including the release of opinions by Antalis’ European Works Council as well as the issuance of a court order by the Supervisory Judge (appointed
by the Commercial Court of Nanterre to supervise the liquidation of Sequana).
On 14 April 2020, Antalis' European Works Council issued a favourable opinion on the proposed sale.
In addition, the Supervisory Judge appointed to supervise the liquidation issued an order on 22 April 2020 authorising the sale of all Antalis shares held by Sequana.
The process is thus continuing, with the next step being the exercise of the put option by Sequana, which is subject to the release by Bpifrance Participations and Impala Security Solutions B.V. of the pledges on Antalis shares currently held by Sequana. The effective transfer of the shares is also subject to other customary conditions precedent.
In addition, given the context related to the Covid-19 pandemic, the publication of Antalis’ 2019 annual results, as well as the results and business activity for the first quarter of 2020, has been postponed to mid-May.
Source: company press-release
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