Boels Verhuur B.V. made an indication of interest to acquire Cramo Oyj (HLSE:CRA1V) from EQT Fund Management S.à r.l., Keskinäinen työeläkevakuutusyhtiö Varmam, Rakennusmestarien Säätiö Sr, Leif Gustafsson and others for approximately €590 million on November 5, 2019. Boels Verhuur B.V. entered into a combination agreement to acquire Cramo Oyj (HLSE:CRA1V) from EQT Fund Management S.à r.l., Keskinäinen työeläkevakuutusyhtiö Varmam, Rakennusmestarien Säätiö Sr, Leif Gustafsson and others on November 11, 2019. Boels will make a voluntary recommended public cash tender offer to purchase all of the issued and outstanding shares in Cramo for €13.25 for each share cum dividend. As of January 17, 2020, the offer price was increased to €13.75 for each share. The offer price is further subject to adjustment for the payment of any dividends or other distributions of funds or assets before the completion of the tender offer or if a record date of such dividend or other distribution of funds or assets occurs before the completion of the tender offer, and any taxes triggered by such consideration, payable by Boels, shall reduce the offer price accordingly on a euro-for-euro basis. Boels has committed financing in place. Boels will finance the tender offer through debt facilities. The debt facilities are made available under underwritten senior loan facilities agreements sufficient to finance the acquisition of all outstanding shares in Cramo. As of February 11, 2020, the transaction will be financed with the nominal value of €1 billion and consists of a term loan B and a revolving credit facility. The lines of credit also serve to refinance Boels and Cramo's existing liabilities. If the Combination Agreement is terminated in connection with the Board of Directors of Cramo changing its recommendation for the Tender Offer as a result of a competing offer or proposal, Cramo has undertaken to pay to Boels a termination fee equal to the lower of Boels’s actually incurred reasonable costs for the preparation of the Tender Offer and €5 million. The completion of the Tender Offer is not expected to have any immediate material effects on Cramo’s operations, assets, and the position of Cramo’s management, employees or its business locations. Boels proposes that Peter Boels, Elisabeth Boels-van Kerkom and Johannes Valk are elected as members of the Board of Directors. Boels proposes that Peter Boels is elected as Chairman and Elisabeth Boels-van Kerkom as Deputy Chairman of the Board of Directors. As is customary, Boels intends to change the composition of the Board of Directors of Cramo after the completion of the Tender Offer to reflect the new ownership structure of Cramo. The Board of Directors shall consist of three to five members. The completion of the tender offer is subject to certain customary conditions to be fulfilled including, among others, approvals by the German and Austrian competition authorities, Boels obtaining more than 90% of the outstanding shares and votes in Cramo on a fully diluted basis, the receipt of necessary regulatory approvals, Board of Directors of the Company having issued its unanimous recommendation that the shareholders of the Cramo accept the tender offer and the recommendation remaining in full force and effect and not being modified or changed to the detriment of the Tender Offer or cancelled. The Board of Directors of Cramo has unanimously decided to recommend that the shareholders of Cramo accept the tender offer. As of December 19, 2019, Boels obtained required approvals from German and the Austrian antitrust authorities and so all identified antitrust approvals required to complete the Tender Offer have now been obtained. As of November 22, 2019, the Finnish Financial Supervisory Authority approved the Finnish language version of the tender offer document relating to the tender offer. The Finnish Financial Supervisory Authority has approved the Finnish language version of a supplement to the tender offer document relating to the tender offer on January 21, 2020. Major shareholders of Cramo, EQT Public Value Investments S.à r.l., Rakennusmestarien Säätiö sr and Varma Mutual Pension Insurance Company as well as Leif Gustafsson have irrevocably undertaken to accept the tender offer subject to certain customary conditions. The irrevocable undertakings represent jointly approximately 18.9% of the outstanding shares and votes in Cramo. Once Boels has obtained more than 90% of the issued and outstanding shares and votes in Cramo, Boels will initiate compulsory redemption proceedings to acquire the remaining shares in Cramo, and thereafter cause Cramo’s shares to be delisted from Nasdaq Helsinki as soon as permitted and practicable under applicable laws and regulations. The offer period under the tender offer is expected to commence on or about November 25, 2019 and to expire in the first half of January 2020 and thus, to run for approximately 7 weeks, subject to any extension of the offer period by Boels in accordance with the terms and conditions of the tender offer. The acceptance period under the Tender Offer will commence on November 25, 2019. and expire on January 9, 2020. As of January 10, 2020, the tender offer period is extended up till January 31, 2020. In order to allow also the remaining shareholders to accept the tender offer, Boels has decided to commence a subsequent offer period which will commence on February 6, 2020 and expire on February 20, 2020. According to the preliminary results of the tender offer, Boels announced that the shares tendered in the tender offer, together with the total of 726,000 shares in Cramo acquired by Boels through market purchases, representing approximately 92.89% of all the shares and votes in Cramo have been acquired. Boels will announce the final results of the tender offer on or about February 5, 2020. Provided that the tender offer will be completed, Boels intends to commence a subsequent offer period in accordance with the terms and conditions of the tender offer on a date to be announced in the final results announcement. As on February 5, 2020, Boels announced the final results of the tender offer that the shares tendered in the tender offer, together with the shares acquired by Boels through market purchases, represent approximately 93.04% of all the issued and outstanding shares and votes in Cramo, which amounts to more than ninety percent of the aggregate number of shares and voting rights in Cramo. As this satisfies the minimum acceptance condition of the tender offer, and all other conditions to completion are fulfilled. Boels may purchase shares in Cramo during or after the subsequent offer period also in public trading on Nasdaq Helsinki Ltd or otherwise outside the Tender Offer. Boels will announce the preliminary percentage of the shares validly tendered on February 21, 2020 and final percentage on February 25, 2020. The completion trades will be settled and the offer consideration will be paid to the shareholders on February 26, 2020. As on February 12, 2020, the Board of Directors of Cramo has resolved to convene an Extraordinary General Meeting to be held on March 10, 2020. BNP Paribas acted as financial advisor, Mårten Knuts, Tom Fagernäs, Lennart Simonsen, Leena Lindberg, Petteri Metsä-Tokila and Heidi Kivenjuuri of Krogerus Attorneys Ltd acted as legal advisors for Cramo and HLP Corporate Finance Oy acted as fairness opinion advisor for Board of Directors of Cramo. Rothschild & Co, Duynstee Advisory and Nordea Bank Abp acted as financial advisors, Michael Schouten, Menno Stoffer and Bart de Rijke of De Brauw Blackstone Westbroek N.V. and Jouni Salmi, Mika Ohtonen, Ami Paanajärvi, Johannes Ahti of Roschier, Attorneys Ltd. acted as legal advisors for Boels. Shearman & Sterling LLP acted as legal advisor to Boels Verhuur B.V. Boels Verhuur B.V. completed the acquisition of Cramo Oyj (HLSE:CRA1V) from EQT Fund Management S.à r.l., Keskinäinen työeläkevakuutusyhtiö Varmam, Rakennusmestarien Säätiö Sr, Leif Gustafsson and others on February 20, 2020. As on February 25, 2020, the final results of the subsequent offer period, the shares tendered in the tender offer during the subsequent offer period represent approximately 2.16% of all the issued and outstanding shares. The shares tendered during the subsequent offer period represent approximately 95.20% of all the issued and outstanding shares and votes in Cramo. Boels on February 14, 2020, began a squeeze-out of the remaining minority holders in Cramo. Boels Verhuur may continue to acquire Cramo shares in public trading on Nasdaq Helsinki Ltd or otherwise.