AptarGroup, Inc. (NYSE:ATR) made an offer to acquire remaining 35.4% stake in Voluntis S.A. (ENXTPA:ALVTX) for €27.4 million on September 2, 2021. Under the terms the offer price is €8.70 per share. AptarGroup, Inc intends to file the Tender Offer with the French Markets Authority (the “AMF”) in September 2021 and the Tender Offer will be subject to the regulatory clearance from the AMF.

If the regulatory conditions are met upon completion of the Tender Offer, AptarGroup, Inc intends to implement a squeeze out on the remaining outstanding shares of Voluntis. Aptar launched a mandatory cash simplified tender offer to acquire Voluntis's remaining shares for the same price of €8.70 per share. Voluntis' board of directors, upon the recommendation of its ad hoc committee and in accordance with applicable regulation, appointed Advolis Orfis as independent expert on July 5, 2021.

The independent expert's report and the Board's opinion will be included in the draft response offer document that will be prepared by Voluntis in the context of the Tender Offer and submitted to the AMF, which will assess its compliance with applicable regulation. On September 2, 2021, following resignation of the selling shareholders representatives on the Voluntis Board, namely Laurent Higueret (representative of Bpifrance Participations) and Franck Noiret (representative of LBO France Gestion), Gael Touya and Patrick Jeukenne, Aptar's representatives, have been appointed to replace them in the Board. The Board has also appointed M. Sai Shankar as deputy Chief Executive Officer of Voluntis, and the current management of Voluntis is otherwise expected to remain the same.