INDEXO plans to buy DelfinGroup shares for €1.90 — what should shareholders check before the offer opens?

On 11 November 2026, INDEXO submitted documents for a voluntary offer to buy DelfinGroup shares at €1.90 each. DelfinGroup's announcement confirms the plan, but an application does not yet mean an offer is open to shareholders.

When will the offer start?

Latvijas Banka identifies two separate periods: a decision within 10 working days after receiving all required documents, and an intended 20-day offer period starting with publication of the prospectus on the regulated market operator's website. The closing date therefore cannot simply be calculated from 11 November.

What transaction is INDEXO planning?

INDEXO's 10 November announcement envisages increasing its DelfinGroup holding from 72.03% to 89.99%. The company also states a longer-term objective of delisting the shares. This is a plan requiring further steps, rather than a delisting that has already happened.

On 11 November, INDEXO reported binding investor subscription undertakings of €15.5 million for its Baltic share offering. The proceeds are intended mainly to finance purchases of DelfinGroup shares. Undertakings alone do not demonstrate that settlement has already been completed.

Four questions for shareholders

1. Has an approved prospectus been published with exact opening and closing dates?
2. What is the maximum number of shares to be purchased, and how will acceptance be allocated if tenders exceed it?
3. What submission deadline and fees will your bank or broker apply, and when will payment occur?
4. How does the net amount compare with an executable stock-exchange sale and the alternative of retaining the shares?

Illustrative calculation: 1,000 shares multiplied by €1.90 equals €1,900 before costs and any taxes. This does not promise acceptance of all the shares tendered by a particular shareholder. A difference from the exchange price is not, by itself, guaranteed profit either.

What can business owners learn?

Two cash flows must be distinguished. In a purchase of existing DelfinGroup shares, the seller receives the payment; in an issue of new INDEXO shares, the issuer raises capital. These transactions may look similar in a headline, but they have different implications for company finances.

For other day-to-day ownership matters, consult the overview of services for businesses; company and cooperation opportunities can be explored in business listings.

Official information sources

• Latvijas Banka: application and time periods
• DelfinGroup: announcement of 11 November
• INDEXO: transaction plans of 10 November
• INDEXO: financing announcement of 11 November