Price Guarantee Helped Close Anta's $1.8 Billion Acquisition of Puma Stake
Anta's cash offer of 35 euros per share for Artemis' 29% holding in Puma included an anti-embarrassment clause that commits the buyer to pay an additional, formula-based amount if a higher bid or a take-private offer appears within 15 months of closing. The guarantee helped bridge an initial valuation gap, enabling Artemis to sell the stake as it r…