Avance advises Alma Media Corporation in relation to the mandatory public tender offer for all its issued and outstanding shares made by Otava Ltd. The offer price under the tender offer is EUR 9.10 in cash for each validly tendered share. Based on its assessment of the offer and its terms, Alma Media’s board of directors has decided not to recommend that Alma Media’s shareholders accept the offer. The offer is expected to be completed in July 2023.