Ocean Bidco Limited made an offer to acquire AdCityMedia AB (publ) (OM:ACM) from a group of shareholders for approximately SEK 310 million on November 19, 2019. Ocean Bidco Limited offers SEK 165 in cash per share in AdCityMedia. Consideration of this transaction will be financed by available cash resources. Completion of the offer is conditional upon, inter alia, the offer being accepted to such an extent that Ocean Bidco Limited becomes the owner of shares representing not less than 70% of the share capital and votes in AdCityMedia. The transaction is also subject to regulatory, governmental or similar clearances. The offer is not subject to any financing condition. Shareholders in AdCityMedia representing approximately 51.2% of the shares and votes in AdCityMedia have irrevocably undertaken to accept the offer. The independent directors of the board of AdCityMedia have obtained an opinion of the offer from an independent expert (fairness opinion) and have unanimously resolved to recommend the shareholders in AdCityMedia to accept the offer. As of December 9, 2019, the offer has become unconditional. The acceptance period for the offer is expected to start on or about November 25, 2019 and expire on or about December 16, 2019. Payment of the consideration is expected to commence on or about December 20, 2019. As of December 9, 2019, the acceptance period of the offer has been extended January 31, 2020. The offer is immediately accretive to free cash flow and EPS, reflecting the attractive standalone growth potential of the assets and meaningful synergies available in the combination. At the end of initial acceptance period, December 16, 2019, Ocean Bidco had acquired and received acceptances from shareholders representing in total 1.8 million shares, which corresponds to approximately 97.46% of the share capital and total number of votes in AdCityMedia. If the offer is accepted to such an extent that Ocean Bidco Limited acquires shares representing more than 90% but less than 100% of the total number of shares in AdCityMedia, Ocean Bidco Limited intends to commence compulsory redemption proceedings under the Swedish Companies Act to acquire all remaining shares in AdCityMedia. In connection therewith, Ocean Bidco Limited intends to promote a delisting of AdCityMedia's shares from First North. Carnegie Investment Bank AB (publ) acted as financial advisor, John Gallon, Peder Grandinson, Petter Kjöllerström, Emma Norburg and Richard Folke of Advokatfirma DLA Piper Sweden KB and DLA Piper UK LLP acted as legal advisors and KPMG Bohlins AB acted as accountant to Ocean Bidco Limited. Ocean Bidco Limited completed the acquisition of AdCityMedia AB (publ) (OM:ACM) from a group of shareholders on January 31, 2020. Ocean Bidco had acquired and received acceptances from shareholders representing in total 1.86 million shares, which corresponds to approximately 99.41% of the share capital in AdCityMedia.