Changing the cards, Mascot-Bidco, the investment vehicle set up by a consortium of investors led by Anta Sports Products for the takeover of Amer Sports, has given 4 PM Finnish time tomorrow as the deadline for obtaining pledges for at least 90 percent of Amer's shares. It had previously extended the deadline from Feb. 28 until tomorrow, leaving the door open for further extensions.

This came after Amer announced on Feb. 22 that Anta Sports Products had finally received the approval from its shareholders at an extraordinary meeting for the tender offer that began on Dec. 20 for all the shares of the Finnish-based group. Anta, which is the largest sporting goods company in China, is the leading investor in a Finnish-based consortium that is conducting the bidding process.

The 90 percent threshold is a condition for the deal to go through. The offer price has been kept at €40 per share. The tender offer has already been cleared by all the relevant jursidications including the European Commission, the U.S. and by other relevant authorities in Turkey and Mexico, after securing approvals in Australia, China, Russia and Canada.

Anta's share price climbed beyond the level of 43 Hong Kong dollars after the extraordinary shareholders' meeting. It went further up to around HK$46 after the company reported excellent financial results for the past year, giving it a market capitalization equivalent to more than €13 billion – more than sufficient to guarantee the €4.6 billion takeover of Amer in cooperation with other investors. It has since gone further up to around HK$48. Amer Sports' share price has also been rising steadily over the last few weeks, staying above €39 in the last few days.