Edison S.p.A. (BIT:EDNR) offered to acquire 49.9% stake in Frendy Energy S.p.A. (BIT:FDE) on July 17, 2017. The offer will be made at a price to determined based on Net Financial Position of Frendy Energy S.p.A. at June 30, 2017. In a related transaction, Edison S.p.A. entered into an agreement to acquire 45.04% stake in Frendy Energy S.p.A. from Cryn Finance S.A. and other minority shareholders.

This agreement is subject to Edison S.p.A. achieving no less than 50.01% of Frendy Energy's voting rights by acquiring shares from third parties. As of July 27, 2017, Edison S.p.A. entered into an agreement to acquire 5.04% stake in Frendy Energy S.p.A. (BIT:FDE) from Milanesio S.R.L. So the offer will be subject to 49.92% of the shares remaining after these acquisitions. As of October 11, 2017, the offer price was confirmed to be €0.34 per share.

The deal value is therefore, €10.1 million. As of October 17, 2017, the obligation for Edison to make a public tender offer for all of the remaining 29.61 million Frendy shares was triggered pursuant to the closing of the agreements for the acquisition of 50.1% stake. As of October 20, 2017, the offer was filed with CONSOB (Commissione Nazionale per le Società e la Borsa).

Consob approved the document of the public offering by Edison. The offer period begins on November 22, 2017 ending on December 19, 2017 with a payment date for the securities scheduled for December 22, 2017.