Translation: Original comment published in Finnish on 7/26/2024 at 7:15 am EEST. Purmo's Board of Directors announced on Thursday that it maintains its recommendation for the Grand Bidco consortium’s bid despite Haier's higher bid. Our more detailed comments on the latest Board release can be found here. Haier responded to the Purmo Board's press release yesterday, stating that it intends to continue negotiations with the Purmo Board to ensure that the Board fully appreciates the benefits to shareholders of the higher offer announced by the company. The negotiations are planned to take place in the coming days. Haier believes that its tender offer delivers a superior combination of value and deliverability for all Purmo shareholders, while the Board sees more risk in completing Haier's offer than in its recommended offer. The situation has not changed substantially with Haier's press release. We feel it is advisable for the shareholder to wait for the possible completion of the higher bid and not to accept the bid recommended by the Board of Directors, as the difference between the bids on the table is attractive despite the later completion date of the higher bid.

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