Legal entities submitted the most acceptance letters delivered, with retail shareholders accounting for only 7% of all acceptances. Some 87% of acceptance letters have come from the MMB shareholders domiciled outside the Czech Republic.
The VTO settlement will proceed in two phases. The shares equal up to 10% of MMB will be settled on 24 March 2021. The second phase of the buyout process is subject to the Czech National Bank's approval (CNB). Tanemo submitted its formal request to CNB regarding this on 24 February 2021.
Tanemo announced its VTO for 20% MMB shares (with an option to increase the volume up to 29%) on Monday, 8 February 2021. The VTO was valid through 26 February 2021, with an option to extend it until 5 March 2021. Tanemo extended the VTO acceptance period through 5 March 2021 following multiple requests by MMB shareholders or nominee holders, facing delays to meet all formal terms of the VTO amid the pandemic restrictions. Under the VTO terms, Tanemo offered CZK 80 per one MMB share.