Nasdaq Helsinki LtdAnnouncement from the exchange
G City Ltd. announces a mandatory public cash tender offer for all theoutstanding shares and stock options in Citycon Oyj
G City Ltd. announces a mandatory public cash tender offer for all theoutstanding shares and stock options in Citycon Oyj
G City Ltd. Stock exchange release 2 December 2025 at 10:15a.m. EET
NOT FOR RELEASE, PUBLICATION, OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY ORINDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, ORSOUTH AFRICA, OR IN ANY OTHER JURISDICTION IN WHICH THE TENDER OFFER WOULD BEPROHIBITED BY APPLICABLE LAW. FOR FURTHER INFORMATION, PLEASE SEE SECTIONENTITLED “IMPORTANT INFORMATION” BELOW.
G City Ltd. announces a mandatory public cash tender offer for all theoutstanding shares and stock options in Citycon Oyj
G City Ltd. (“G City” or the “Offeror”) published a stock exchange release on 3November 2025 regarding its share purchase made on 3 November 2025, throughwhich it acquired a total of 14,182,052 shares in Citycon Oyj (“Citycon” or the“Company”). As a result of the share purchase, G City's shareholding inCitycon, together with the shares held by G City's fully owned subsidiary,Gazit Europe Netherlands BV (“Gazit Europe Netherlands”) and Chaim Katzman,exceeded 50 per cent of the voting rights carried by shares in Citycon, therebyobligating G City to launch a mandatory public tender offer for all othershares and securities issued by Citycon entitling to shares in Citycon inaccordance with Chapter 11, Section 19 of the Finnish Securities Market Act(746/2012, as amended, “SMA”). As of the date of this announcement, G City,Gazit Europe Netherlands and Chaim Katzman hold in aggregate 106,678,704 sharesin the Company, corresponding to approximately 58.11 per cent of alloutstanding shares and voting rights in the Company.
G City hereby announces a mandatory public cash tender offer for all the issuedand outstanding shares in Citycon that are not held by Citycon or any of itssubsidiaries (the “Shares") and for all the issued and outstanding stockoptions in Citycon that are not held by Citycon or any of its subsidiaries (the“Stock Options")(the “Tender Offer”). Holders of the Shares will be offered acash consideration of EUR 4.00 for each Share validly tendered in the TenderOffer (the “Share Offer Price”). Holders of the Stock Options will be offered acash consideration for each Stock Option validly tendered in the Tender Offeras described in the section “The Tender Offer in Brief” below.
KEY HIGHLIGHTS AND SUMMARY OF THE TENDER OFFER
-- The Share Offer Price is EUR 4.00 in cash for each Share validly tendered in the Tender Offer, subject to any adjustments as set out in section “The Tender Offer in Brief” below.
-- Holders of the Stock Options will be offered a cash consideration for each Stock Option validly tendered in the Tender Offer as described in the section “The Tender Offer in Brief” below.
-- 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.
-- The obligation of the Offeror to complete the Tender Offer is conditional upon the receipt of all necessary regulatory approvals, permits and consents required under any applicable competition laws or other regulatory laws in any jurisdiction for the completion of the Tender Offer on or prior to the date of the Offeror's announcement of the final result of the Tender Offer.
-- The completion of the Tender Offer is not expected to have any immediate material effects on the operations, business locations or assets, or the position of the management or employees of Citycon.
-- The Offeror has secured the required financing to finance the Tender Offer at completion in accordance with its terms and conditions, and subsequent compulsory redemption proceedings, if any, in accordance with the Finnish Companies Act (624/2006, as amended, the “Finnish Companies Act”).
-- The Offeror expects to publish a tender offer document (the “Tender Offer Document”) with detailed information on the Tender Offer on 31 December 2025 at the latest. The offer period under the Tender Offer is expected to commence on or about 2 January 2026, and to expire on or about 16 February 2026, unless the Offeror extends the offer period in order to satisfy the receipt of necessary regulatory approvals for the completion of the Tender Offer. The Tender Offer is currently expected to be completed during the first quarter of 2026.
ABOUT G CITY LTD.
G City is a limited liability company, incorporated and existing under the lawsof Israel, domiciled in Tel Aviv, Israel. G City's shares are listed on the TelAviv Stock Exchange Ltd. G City is a global real estate company focused onacquiring, improving, developing, and managing mixed use income producing realestate including retail, office and residential properties in densely populatedurban areas in key cities. As of September 30, 2025, the group owns and manages87 properties covering a built-up lettable area of approx. 1.8 million squaremeters with a value of approx. 32 billion Israeli shekels (including Citycon'sassets).
BACKGROUND AND STRATEGIC RATIONALE
G City has been a long-term investor in the Company since 2004 and believesthat its extensive expertise in mixed-use income producing properties in urbanareas, combined with its financial resources and strategic vision, positions itto better develop the Company's long-term growth strategy. G City has strongbelief in Citycon's assets and their quality, which are in line with G City'sportfolio and strategy. In addition, G City's experience managing similarassets across multiple jurisdictions, access to capital, and long-terminvestment horizon enable it to pursue strategic initiatives andvalue-enhancing opportunities.
The completion of the Tender Offer is not expected to have any immediatematerial effects on the operations, business locations or assets, or theposition of the management or employees of Citycon.
THE TENDER OFFER IN BRIEF
G City has, through a share purchase made on 3 November 2025, acquired a totalof 14,182,052 Shares in Citycon. The price paid for the acquired Shares was EUR4.00 per Share, which is also the highest price paid by G City (or partiesacting in concert with it in accordance with Section 5, Chapter 11 of the SMA)for Shares in Citycon within the last six (6) months. As a result of the sharepurchase, G City's shareholding in Citycon together with the Shares held by GCity's fully owned subsidiary, Gazit Europe Netherlands and Chaim Katzman,exceeded 50 per cent of the voting rights carried by Shares in Citycon, therebyobligating G City to launch the Tender Offer in accordance with Chapter 11,Section 19 of the SMA. After the share purchase, G City has acquired a total of1,120,702 Shares in Citycon through market purchases, all of which have beenmade at prices below the Share Offer Price.
The Offeror undertakes to comply with the Helsinki Takeover Code issued by theFinnish Securities Market Association (the “Helsinki Takeover Code”).
As at the date of this announcement, Citycon has a total of 183,569,011 issuedshares, all of which are outstanding Shares, and a total of 894,924 outstandingStock Options, comprising of 298,308 Stock Options 2025D, 298,308 Stock Options2025E and 298,308 Stock Options 2025F. The Company has informed the Offerorthat the applicable subscription periods under Stock Option Plan 2022A-D willend on 31 December 2025, prior to the expected commencement of the offer periodunder the Tender Offer, and that there are no outstanding Stock Options inStock Option Plan 2024 and Stock Option Plan 2024A-C and, accordingly, theTender Offer is not extended to such stock options. Based on the informationmade publicly available by Citycon as of the date of this announcement, neitherCitycon nor its subsidiaries hold any treasury shares. As at the date of thisannouncement, G City holds 70,276,770 Shares in Citycon, representingapproximately 38.28 per cent of all Shares in Citycon, and Citycon's fullyowned subsidiary, Gazit Europe Netherlands, holds 36,285,000 Shares in Citycon,representing 19.77 per cent of all Shares in Citycon. Chaim Katzman, whoexercises ultimate control in the G City group, holds 116,934 Shares inCitycon, representing approximately 0.06 per cent of all Shares in Citycon.
G City reserves the right, to the extent permitted by applicable laws andregulations, to acquire Shares and Stock Options in public trading on NasdaqHelsinki or otherwise before the commencement of the offer period, during theoffer period, and/or after the offer period of the Tender Offer or otherwiseoutside the Tender Offer.
The Share Offer Price and the Option Offer Prices
The Share Offer Price is EUR 4.00 in cash for each Share validly tendered inthe Tender Offer, subject to any adjustments as set out below. The Tender Offervalues Citycon's total outstanding equity at approximately EUR 734 million.
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 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.
The price offered for each Stock Option validly tendered in the Tender Offer isEUR 0.38 incash for each outstanding Stock Option 2025D (the “Option 2025DOffer Price”), EUR 0.38 in cash for each outstanding Stock Option 2025E (the“Option 2025E Offer Price”) and EUR 0.38 in cash for each outstanding StockOption 2025F (the “Option 2025F Offer Price”, together with the Option 2025DOffer Price and the Option 2025E Offer Price, the “Option Offer Prices”),subject to any adjustments as set out below.
The Share Offer Price has been determined based on 183,569,011 issued andoutstanding Shares. The Option 2025D Offer Price has been determined based on298,308 issued and outstanding Stock Options 2025D, the Option 2025E OfferPrice has been determined based on 298,308 issued and outstanding Stock Options2025E and the Option 2025F Offer Price has been determined based on 298,308issued and outstanding Stock Options 2025F.
Should the Company increase the number of Shares that are issued andoutstanding on the date hereof as a result of a new share issue,reclassification, stock split or any other similar transaction, or should theCompany distribute a dividend or otherwise distribute funds or any other assetsto its shareholders, or if a record date with respect to any of the foregoingoccurs prior to any of the settlements of the completion trades (whether afterthe expiry of the offer period or during or after any subsequent offer period),the Offeror reserves the right to adjust the Share Offer Price and the OptionOffer Prices payable by the Offeror on a euro-for-euro basis.
The Offer Period
The offer period under the Tender Offer is expected to commence on or about 2January 2026 and expire on or about 16 February 2026.
The Offeror reserves the right to extend the offer period from time to time inaccordance with, and subject to, the terms and conditions of the Tender Offerand applicable laws and regulations, including, in order to satisfy the receiptof all necessary regulatory, governmental or similar approvals, permits,clearances and consents from authorities or similar, required under applicablelaws in any jurisdiction for the completion of the Tender Offer. The TenderOffer is currently expected to be completed during the first quarter of 2026.
The detailed terms and conditions of the Tender Offer as well as instructionson how to accept the Tender Offer will be included in the Tender OfferDocument, which the Offeror expects to publish on 31 December 2025 at thelatest.
Regulatory Condition for Completion of the Tender Offer
The obligation of the Offeror to complete the Tender Offer is conditional uponthe receipt of all necessary regulatory approvals, permits and consentsrequired under any applicable competition laws or other regulatory laws in anyjurisdiction for the completion of the Tender Offer by the Offeror on or priorto the date of the Offeror's announcement of the final result of the TenderOffer in accordance with Chapter 11, Section 18 of the SMA.
The Offeror will, as soon as reasonably practicable, make all material andcustomary submissions, notifications and filings required to obtain allnecessary regulatory approvals, permits, clearances and consents fromauthorities or similar, including without limitation approvals required underapplicable foreign direct investment laws, required under applicable regulatorylaws in any jurisdiction for the completion of the Tender Offer. Currently theOfferor has identified Swedish foreign direct investment clearance as the onlynecessary regulatory approval for the completion of the Tender Offer.
Based on currently available information, the Offeror expects to obtain suchnecessary regulatory approvals to complete the Tender Offer during the firstquarter of 2026. The Offeror will use its reasonable best efforts to obtainsuch regulatory approvals. However, the length and outcome of the regulatoryapproval process are not within the control of the Offeror, and there can be noassurances that clearances will be obtained within the estimated timeframe, orat all.
Financing
The Tender Offer is fully financed by a combination of cash funds available tothe Offeror and debt financing provided by an Israeli bank to the Offerorpursuant to a financing agreement.
The debt financing has been committed, subject to the following conditionsnormally used on the financial markets:
1. the provision of certain customary documentary and commercial conditions precedent, which are in the control of the Offeror,
2. the completion of the Tender Offer,
3. compliance by the Offeror with certain provisions relating to security arrangements, which are in the control ofthe Offeror,
4. no material adverse change in the financial condition of the Offeror has occurred since 27 November 2025, the date of its latest release of financial statements,
5. the representations and warranties that the Offeror has made to the bank remain accurate, including representations as to the company
's continued solvency and compliance with laws,
6. the Offeror complies with its undertakings under the loan agreement, including but not limited to meeting certain financial covenants (including with regard to the Offeror's shareholder equity, the Offeror's and Citycon's debt to assets ratio and the Offeror's interest coverage ratio), and no event of default under the financing agreement has occurred (that is, G City remains in compliance with its obligations under the financing agreement as well as its other contractual obligations, and no event occurs that would render it insolvent or threaten its continued financial stability), and
7. it has not become illegal or prohibited for the bank to make available or allow to remain outstanding the debt financing, or to enforce its rights under the loan agreement.
The Offeror's obligation to complete the Tender Offer is not conditional uponavailability of debt financing.
Future plans concerning the Shares and Stock Options
The Offeror offers to acquire all the Shares and Stock Options. If, as a resultof the completion of the Tender Offer or otherwise, the Offeror's ownership hasexceeded 90 per cent of all Shares and votes in the Company, the Offeror maycommence compulsory redemption proceedings for all the remaining Shares inaccordance with the Finnish Companies Act. If the Offeror would decide tocommence such proceedings, the Offeror would thereafter apply for the Cityconshares to be delisted from Nasdaq Helsinki, as soon as permitted and reasonablypracticable under the applicable laws and regulations and the rules of NasdaqHelsinki. In connection with any such redemption proceedings, the Offeror wouldalso acquire the Stock Options which have not been validly tendered in theTender Offer, or otherwise acquired by the Offeror, in accordance with theterms and conditions of such Stock Options.
If, as a result of completion of the Tender Offer or otherwise, the Offeror'sownership does not exceed 90 per cent of all Shares and votes in the Company orin the case the Offeror would not decide to commence compulsory redemptionproceedings in the event its ownership exceeds 90 per cent of all Shares andvotes in the Company, the Company will continue to be listed on Nasdaq Helsinkiand the Offeror intends to continue to support and develop Citycon's businessoperations in accordance with the highest international standards and in thebest interests of all shareholders of Citycon.
ADVISERS
The Offeror has appointed Evli Plc as its financial adviser and arranger of theTender Offer and Roschier, Attorneys Ltd. as its legal advisor in connectionwith the Tender Offer. Meitar Law Offices will advise the Offeror as to certainmatters related to U.S. securities laws with respect to the Tender Offer.
Investor and Media inquiries:
G City Ltd.
Gil Kotler
CFO
gkotler@g-city.com
IMPORTANT INFORMATION
THIS RELEASE MAY NOT BE RELEASED OR OTHERWISE DISTRIBUTED, IN WHOLE OR IN PART,DIRECTLY OR INDIRECTLY, IN OR INTO, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEWZEALAND, OR SOUTH AFRICA, OR IN ANY OTHER JURISDICTION IN WHICH THE TENDEROFFER WOULD BE PROHIBITED BY APPLICABLE LAW.
THIS RELEASE IS NOT A TENDER OFFER DOCUMENT AND AS SUCH DOES NOT CONSTITUTE ANOFFER OR INVITATION TO MAKE A SALES OFFER. IN PARTICULAR, THIS RELEASE IS NOTAN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIESDESCRIBED HEREIN, AND IS NOT AN EXTENSION OF THE TENDER OFFER, IN, AUSTRALIA,CANADA, HONG KONG, JAPAN, NEW ZEALAND, OR SOUTH AFRICA. INVESTORS SHALL ACCEPTTHE TENDER OFFER FOR THE SHARES AND STOCK OPTIONS ONLY ON THE BASIS OF THEINFORMATION PROVIDED IN A TENDER OFFER DOCUMENT. OFFERS WILL NOT BE MADEDIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE EITHER AN OFFER ORPARTICIPATION THEREIN IS PROHIBITED BY APPLICABLE LAW OR WHERE ANY TENDER OFFERDOCUMENT OR REGISTRATION OR OTHER REQUIREMENTS WOULD APPLY IN ADDITION TO THOSEUNDERTAKEN IN FINLAND.
THE TENDER OFFER IS NOT BEING MADE DIRECTLY OR INDIRECTLY IN ANY JURISDICTIONWHERE PROHIBITED BY APPLICABLE LAW AND, WHEN PUBLISHED, THE TENDER OFFERDOCUMENT AND RELATED ACCEPTANCE FORMS WILL NOT AND MAY NOT BE DISTRIBUTED,FORWARDED, OR TRANSMITTED INTO OR FROM ANY JURISDICTION WHERE PROHIBITED BYAPPLICABLE LAWS OR REGULATIONS. IN PARTICULAR, THE TENDER OFFER IS NOT BEINGMADE, DIRECTLY OR INDIRECTLY, IN OR INTO, OR BY USE OF THE POSTAL SERVICE OF,OR BY ANY MEANS OR INSTRUMENTALITY (INCLUDING, WITHOUT LIMITATION, FACSIMILETRANSMISSION, TELEX, TELEPHONE OR THE INTERNET) OF INTERSTATE OR FOREIGNCOMMERCE OF, OR ANY FACILITIES OF A NATIONAL SECURITIES EXCHANGE OF, AUSTRALIA,CANADA, HONG KONG, JAPAN, NEW ZEALAND, OR SOUTH AFRICA. THE TENDER OFFER CANNOTBE ACCEPTED, DIRECTLY OR INDIRECTLY, BY ANY SUCH USE, MEANS OR INSTRUMENTALITYOR FROM WITHIN, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, OR SOUTHAFRICA AND ANY PURPORTED ACCEPTANCE OF THE TENDER OFFER RESULTING DIRECTLY ORINDIRECTLY FROM A VIOLATION OF THESE RESTRICTIONS WILL BE INVALID.
THIS RELEASE HAS BEEN PREPARED IN COMPLIANCE WITH FINNISH LAW, THE RULES OFNASDAQ HELSINKI AND THE HELSINKI TAKEOVER CODE AND THE INFORMATION DISCLOSEDMAY NOT BE THE SAME AS THAT WHICH WOULD HAVE BEEN DISCLOSED IF THISANNOUNCEMENT HAD BEEN PREPARED IN ACCORDANCE WITH THE LAWS OF JURISDICTIONSOUTSIDE OF FINLAND.
Information for shareholders and holders of Stock Options of Citycon in theUnited States
Shareholders and Stock Option holders of Citycon in the United States areadvised that the Shares are not listed on a U.S. securities exchange and thatCitycon is not subject to the periodic reporting requirements of the U.S.Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is notrequired to, and does not, file any reports with the U.S. Securities andExchange Commission (the “SEC”) thereunder.
The Tender Offer will be made for the issued and outstanding Shares and StockOptions of Citycon, which is domiciled in Finland, and is subject to Finnishdisclosure and procedural requirements. The Tender Offer is expected to be madein the United States pursuant to Section 14(e) of, and Regulation 14E, underthe Exchange Act, subject to the exemption provided under Rule 14d-1(d) underthe Exchange Act, for a Tier II tender offer and otherwise in accordance withthe disclosure and procedural requirements of Finnish law, including withrespect to the Tender Offer timetable, settlement procedures, withdrawal,waiver of conditions and timing of payments, which are different from thoseapplicable under the tender offer procedures and laws of the United States fordomestic offers. In particular, the financial information included in thisannouncement has been prepared in accordance with applicable accountingstandards in Finland, which may not be comparable to the financial statementsor financial information of U.S. companies. The Tender Offer is made toCitycon's shareholders and Stock Option holders resident in the United Stateson the same terms and conditions as those made to all other shareholders andStock Option holders of Citycon to whom an offer is made. Any informationaldocuments, including this announcement, are being disseminated to U.S.shareholders and Stock Option holders on a basis comparable to the method thatsuch documents are provided to Citycon's other shareholders and Stock Optionholders.
To the extent permissible under applicable law or regulations, the Offeror andits affiliates or its brokers and its brokers' affiliates (acting as agents forthe Offeror or its affiliates, as applicable) may from time to time after thedate of this stock exchange release and during the pendency of the TenderOffer, and other than pursuant to the Tender Offer, directly or indirectlypurchase or arrange to purchase Shares or any securities that are convertibleinto, exchangeable for or exercisable for Shares, provided that any suchpurchases shall be effected outside of the United States. These purchases mayoccur either in the open market at prevailing prices or in private transactionsat negotiated prices, and the consideration in the Tender Offer must beincreased to match any such consideration paid outside the Tender Offer. To theextent information about such purchases or arrangements to purchase is madepublic in Finland, such information will be disclosed by means of a pressrelease or other means reasonably calculated to inform U.S. shareholders andStock Option holders of Citycon of such information. In addition, the financialadviser to the Offeror may also engage in ordinary course trading activities insecurities of Citycon, which may include purchases or arrangements to purchasesuch securities. To the extent required in Finland, any information about suchpurchases will be made public in Finland in the manner required by Finnish law.
Neither the SEC nor any U.S. state securities commission has approved ordisapprovedthe Tender Offer, passed upon the merits or fairness of the TenderOffer, or passed any comment upon the adequacy, accuracy or completeness of thedisclosure in relation to the Tender Offer. Any representation to the contraryis a criminal offence in the United States.
The receipt of cash pursuant to the Tender Offer by a U.S. holder of Shares orStock Options may be a taxable transaction for U.S. federal income tax purposesand under applicable U.S. state and local, as well as foreign and other, taxlaws. Each holder of Shares or Stock Options is urged to consult itsindependent professional advisers immediately regarding the tax and otherconsequences of accepting the Tender Offer.
To the extent the Tender Offer is subject to U.S. securities laws, those lawsonly apply to U.S. holders of Shares or Stock Options, and will not give riseto claims on the part of any other person. It may be difficult for Citycon'sshareholders or Stock Option holders to enforce their rights and any claimsthey may have arising under the U.S. federal securities laws, since the Offerorand Citycon are located in non-U.S. jurisdictions and some or all of theirrespective officers and directors may be residents of non-U.S. jurisdictions.Citycon's shareholders or Stock Option holders may not be able to sue theOfferor or Citycon or their respective officers or directors in a non-U.S.court for violations of the U.S. federal securities laws. It may be difficultto compel the Offeror and Citycon and their respective affiliates to subjectthemselves to a U.S. court's judgment.
Forward-looking statements
This release contains statements that, to the extent they are not historicalfacts, constitute “forward-looking statements”. Forward-looking statementsinclude statements concerning plans, expectations, projections, objectives,targets, goals, strategies, future events, future revenues or performance,capital expenditures, financing needs, plans or intentions relating toacquisitions, competitive strengths and weaknesses, plans or goals relating tofinancial position, future operations and development, business strategy andthe trends in the industries and the political and legal environment and otherinformation that is not historical information. In some instances, they can beidentified by the use of forward-looking terminology, including the terms“believes”, “intends”, “expects”, “may”, “will” or “should” or, in each case,their negative or variations on comparable terminology. By their very nature,forward-looking statements involve inherent risks, uncertainties andassumptions, both general and specific, and risks exist that the predictions,forecasts, projections and other forward-looking statements will not beachieved. Given these risks, uncertainties and assumptions, investors arecautioned not to place undue reliance on such forward-looking statements. Anyforward-looking statements contained herein speak only as at the date of thisrelease.
Disclaimer
Evli Plc is acting as financial advisor to G City Ltd. and arranger in relationto the Tender Offer, and will not regard any other person than G City Ltd. asits client in relation to the Tender Offer and will not be responsible toanyone other than the G City Ltd. for providing the protections afforded to itsclients nor for providing advice in relation to the Tender Offer or any othermatters referred to in this release.https://view.news.eu.nasdaq.com/view?id=b796185af3d631296320645894b3e2e7d&lang=en&src=omxlink