Allianz SE (DB:ALV) made an offer to acquire additional 4.75% stake in Euler Hermes Group SA (ENXTPA:ELE) for approximately €240 million on February 23, 2018. Under the terms of the offer, Allianz would acquire the remaining 1.99 million shares at €122 per share. The offer will be financed through available funds and resources of Allianz. Allianz will acquire the remaining shares, which will be immediately followed by a squeeze out from the minority shareholders and delist Euler Hermes from the Euronext stock exchange. Allianz does not expect, as a result of the offer, any particular impact on Euler Hermes’ workforce, employment policy or human resources relationships. In particular, Allianz intends to maintain Euler Hermes’ operational headquarters’ location in France. The offer is not subject to any condition providing for a minimum number of shares to be tendered in order for it to have a positive outcome. In addition, the offer is not subject to any authorization with regard to merger control or regulatory authorizations. The transaction is subject to review from Autorité des marchés financiers. The ad hoc committee of Euler Hermes Group unanimously recommends to the Supervisory Board to find that the offer is in the interest of Euler Hermes Group, its shareholders and its employees, and to recommend to the shareholders that they tender their shares into the offer. As of March 21, 2018, Finexsi Expert & Conseil Financier as an independent expert concluded that the offer price is fair from a financial point of view for the shareholders of Euler Hermes. The transaction is expected to be completed in the second quarter of 2018. The offer will run from April 9, 2018 to April 20, 2018. Squeeze out will be implemented at the latest on April 30, 2018. As disclosed on April 25, 2018, Allianz will implement the squeeze out of 1,550,196 Euler Hermes shares representing 3.64% stake on April 27, 2018. Olivier Péronnet, Lucas Robin, Adeline Burnand, Julien Bianciotto, Olivier Courau and Andrés Tafur of Finexsi Expert & Conseil Financier provided fairness opinion regarding the financial terms of the offer and the subsequent squeeze-out to the supervisory Board of Euler Hermes and received a fee of €0.04 million. Rothschild Martin Maurel acted as presenting bank and Société Générale acted as presenting and guaranteeing bank. Benjamin Kanovitch, Emmanuel Masset and Adrien Simon of Bredin Prat acted as legal advisors for Allianz. Olivier Diaz and Charles de Reals of Skadden acted as legal advisors while Jean-Sébastien Dietsch, Marc Demuth, François Labrot, Nicolas Cuzol and Maxime Boudewyns of BNP Paribas CIB acted as financial advisors for Euler Hermes. Allianz SE (DB:ALV) completed the acquisition of an additional 4.75% stake in Euler Hermes Group SA (ENXTPA:ELE) on April 20, 2018. Suspension in trading of Euler Hermes Group shares is maintained until further notice.