Yesterday (19 May), Sequana signed a sale and purchase agreement for all the Antalis shares it holds, which represent a 75.2% stake in the merchanting group and 82.5% of the voting rights.

The agreed price was €0.10 (9p) a share.

At the same time, Antalis and Japanese group KPP agreed the terms and conditions for a “simplified cash tender offer at a price of 0.73 euro per share” that will be filed with the authorities to cover all outstanding shares not yet held by KPP.

“KPP intends to request the implementation of a squeeze-out procedure at the same price, if the conditions provided for by applicable law and regulations are satisfied,” Antalis said in a statement.

At the end of March Antalis, its lenders and KPP signed a financial restructuring agreement to refinance €100m of Antalis’ existing syndicated credit facility.

This was contingent on the sale of the shares held by Sequana and Bpifrance.

Sequana went into liquidation last year.