Hi @Pyyleva! We haven’t had a sell recommendation for Basware during my monitoring, nor was there one at the time the tender offer was published 
However, I couldn’t predict the tender offer, and it was met with a recommendation in the wrong direction, that’s true 
Tender offers are almost without exception options, on which I think it’s quite dangerous to build a recommendation - usually, offers arise in a situation where some external bidder is willing to take a view that deviates from the market (=offering shares at a premium to the current share price). At this point, our recommendation aligned with the market’s view up to the offer (before the offer, the share price had fallen from 26.5e to 20.6e with a reduce recommendation).
