“As a rule, the redeemer also covers the procedure costs and interest. Therefore, we estimate that a voluntary tender offer with a premium could be a more attractive route for owners than a contested redemption.”
I should add that much @Atte_Riikola , that even if Rite’s consortium were to offer €15 per share, they would still have to pay the arbitration tribunal’s costs and expenses. If even a single share remains unredeemed, it goes through arbitration; no one even needs to contest the price, as minority shareholders are always redeemed through an arbitral tribunal.
Personally, the path I specifically see is establishing a consortium, making a tender offer at €4.53, and letting the arbitral tribunal decide whether that is a fair price. Of course, it’s impossible to evaluate these things from the outside.