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Mandatory public tender offer by G City Ltd

Mandatory public tender offer by G City Ltd for all issued and outstanding shares and stock options in Citycon Oyj.

Offer period commenced on 2 January 2026 at 9:30 am (Finnish time) and will expire on 6 March 2026 at 4:00 pm (Finnish time), unless the offer period is extended.

Tender offer in brief

Mandatory public cash tender offer by G City Ltd for all the outstanding shares and stock options in Citycon Oyj

As announced previously, G City Ltd. (“G City” or the “Offeror”) commenced the mandatory public tender offer on 2 January 2026 for all the issued and outstanding shares in Citycon Oyj (“Citycon” or the “Company”) that are not held by Citycon or any of its subsidiaries and for all the issued and outstanding stock options in Citycon that are not held by Citycon or any of its subsidiaries (the “Tender Offer”).

On 13 January 2026, Citycon announced that, based on the authorization granted by the Company’s annual general meeting on 3 April 2025, the Board of Directors has decided on a one-time equity repayment of EUR 0.20 per share, which will be distributed from the invested unrestricted equity fund of the Company.  The equity repayment will be paid to the shareholders of Citycon on 27 January 2026.

The Offeror has decided to adjust the share offer price and the option offer prices as a result of the equity repayment in accordance with the terms of the offer document (“Tender Offer Document”) on a euro-for-euro basis.

Following the adjustment, the share offer price is EUR 3.80 for each share validly tendered in the Tender Offer.

For more details about the Tender Offer, please see the Tender Offer Document and the supplement document (the “Supplement Document”).

Key information

The initial share offer price was EUR 4.00 in cash for each share, subject to any adjustments as set out The Tender Offer Document. The share offer price represents a premium of approximately:

  • 35.8 per cent compared to the closing price (EUR 2.95) of the share on the official list of Nasdaq Helsinki Ltd (“Nasdaq Helsinki”) on 31 October 2025, the last day of trading preceding the triggering of the obligation to launch the Tender Offer;
  • 18.9 per cent compared to the volume-weighted average trading price (EUR 3.36) of the share on the official list of Nasdaq Helsinki during the three (3) months preceding the triggering of the obligation to launch the Tender Offer; and
  • 17.6 per cent compared to the volume-weighted average trading price (EUR 3.40) of the share on the official list of Nasdaq Helsinki during the twelve (12) months preceding the triggering of the obligation to launch the Tender Offer.

Most of the Finnish book-entry account operators are expected to send a notification of the Tender Offer, including instructions and the relevant acceptance form to their customers who are registered as shareholders in the shareholders’ register of the Company maintained by Euroclear Finland Oy. Shareholders who do not receive such notification from their account operator or asset manager should primarily contact their account operator or asset manager and secondarily Evli by telephone +358 9 4766 9573 (weekdays between 9:00 a.m. and 4:00 p.m. (Finnish time)) or by email operations@evli.com in order to receive the necessary information and submit their acceptance of the Tender Offer.

The acceptance period for the Tender Offer (the “Offer Period”) commenced on 2 January 2026 at 9:30 am (Finnish time) and will expire on 6 March 2026 at 4:00 pm (Finnish time) unless the Offer Period is extended.

Release, 27 January 2026: G City Ltd. supplements the tender offer document relating to the mandatory public cash tender offer for all the issued and outstanding shares and stock options in Citycon Oyj

Release, 21 January 2026: G City Ltd. has received the necessary regulatory approval for its mandatory public cash tender offer for all the issued and outstanding shares and stock options in Citycon Oyj

Release, 16 January 2026: Statement of the Board of Directors of Citycon Oyj regarding the mandatory public cash tender offer by G City Ltd

Release, 15 January 2026: G City Ltd. supplements the tender offer document relating to the mandatory public cash tender offer for all the issued and outstanding shares and stock options in Citycon Oyj

Release, 15 January 2026: G City Ltd. extends the offer period of its tender offer for all the issued and outstanding shares and stock options in Citycon Oyj

Release, 13 January 2026: G City Ltd. will adjust the offer prices in its tender offer for all the issued and outstanding shares and stock options in Citycon Oyj due to Citycon Oyj’s distribution of funds

Release, 31 December 2025: G City Ltd. commences the mandatory public cash tender offer for all the outstanding shares and stock options in Citycon Oyj on 2 January 2026

Release, 2 December 2025: G City Ltd. announces a mandatory public cash tender offer for all the outstanding shares and stock options in Citycon Oyj

Release, 3 November 2025: Correction: Inside information: G City Ltd has announced an obligation to launch a mandatory public tender offer for the shares in Citycon Oyj and securities entitling to shares in Citycon Oyj

Release, 3 November 2025: Inside Information: G City Ltd has announced an obligation to launch a mandatory public tender offer for the shares in Citycon Oyj and securities entitling to shares in Citycon Oyj

All stock exchange releases of Citycon Oyj:
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