Sistema Finance S.A. made an offer to acquire remaining 99.86% stake in Honkarakenne Oyj (HLSE:HONBS) from Saarelainen Oy and others for €7.8 million on November 3, 2016. Sistema will acquire all of the issued series A shares and remaining series B shares in Honkarakenne for €1.5 in cash. The offer will be financed through the offeror group's existing cash balances and/or internal financing arrangements and no third party financing is required by the offeror to complete the offer. The offer is thus not conditional upon obtaining any external financing for the offer. The offer period under the offer is expected to commence on or about November 11, 2016 and to run for approximately 5 weeks. The completion of the tender offer will be subject to the satisfaction or waiver by the offeror of the conditions: the valid tender of shares representing, together with any other shares otherwise acquired by the offeror prior to or during the offer period, more than 67% of each of the issued Series A shares and each of the Series B shares of Honka on a fully diluted basis, the receipt of all necessary regulatory approvals, permits and consents, including without limitation any competition law clearances, antimonopoly authorities of the Russian Federation and that any conditions set in such permits, consents or clearances are reasonably acceptable to the offeror. Saarelainen Oy, a holder of 43.35% stake in Honkarakenne Oyj A series shares and 13.55% stake in B series shares will not accept the proposed tender offer. Hence, the condition of acquiring over 67% of Honkarakenne Oyj's issued A series shares cannot be fulfilled. The transaction has been rejected by the shareholder Saarelainen Oy. As on December 9, 2016, Board has not recommend to shareholders acceptance of tender offer. Evli Bank Plc acts as the arranger of the tender offer. The new expiry date of offer period is January 19, 2017. White & Case LLP acts as the legal advisor to Sistema Finance S.A. As of December 15, 2016, The Federal Antimonopoly Service (FAS) of Russia has approved the purchase. Sistema Finance S.A. completed the acquisition of 3.92% stake in Honkarakenne Oyj (HLSE:HONBS) from Saarelainen Oy and others for €0.29 million on January 19, 2017.