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Arrowgrass Has Agreed to an Irrevocable Undertaking Regarding Its Holdings in Basware Corporation

December 22, 2018

LONDON & NEW YORK--(BUSINESS WIRE)--Dec 22, 2018--The investment funds of Arrowgrass Capital Partners LLP (“ Arrowgrass ”) hold, directly and indirectly, 24.8 per cent of all shares and votes in Basware Corporation (“ Basware ”), a Finnish listed company providing networked source-to-pay solutions and e-invoicing services. Arrowgrass refers to the announcements made by Basware on 16 November 2018, 20 November 2018 and 7 December 2018 with regard to a possible tender offer by Tradeshift Holdings Inc. (“ Tradeshift ”) for Basware.

Arrowgrass announces that it has agreed to an irrevocable undertaking with Tradeshift to accept a tender offer by Tradeshift for Basware, should Tradeshift make such a tender offer, under certain conditions, including, among other, that (i) such tender offer is publicly announced in accordance with applicable laws and regulations no later than 7 January, 2019, (ii) the offer price in such tender offer is no less than EUR 46.50 per share (the “ Minimum Offer Price ”), (iii) the tender offer is completed no later than three months after the tender offer has been announced, and (iv) no competing offer is made with a consideration more than 30 percent higher than the Minimum Offer Price.

Arrowgrass recognizes that Basware has emphasized in its announcements that the launch of the tender offer remains uncertain.

About Arrowgrass

Arrowgrass Capital Partners is a London headquartered alternative asset manager that was founded in February 2008. Currently, Arrowgrass manages the following four funds: Arrowgrass Master Fund Ltd., Arrowgrass Equity Focus Fund Limited, Arrowgrass Customised Solutions I Limited, and Arrowgrass Inflection Fund Limited.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181222005008/en/

CONTACT: Media:

Shawn Pattison and William Braun

Abernathy MacGregor

212-371-5999

shp@abmac.com/whb@abmac.com

KEYWORD: UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA FINLAND NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Arrowgrass Capital Partners LLP

Copyright Business Wire 2018.

PUB: 12/22/2018 12:56 PM/DISC: 12/22/2018 12:56 PM

http://www.businesswire.com/news/home/20181222005008/en