Polish cableco Vectra has amended its bid for a 33% stake in fixed-line operator Netia, offering PLN5.41 (US$1.76) per share for the first part of the tender period and PLN5.11 (US$1.67) for the latter.
Vectra, backed by Tomasz Wegrzynski, lodged a…
Polish cableco Vectra has amended its bid for a 33% stake in fixed-line operator Netia, offering PLN5.41 (US$1.76) per share for the first part of the tender period and PLN5.11 (US$1.67) for the latter.
Vectra, backed by Tomasz Wegrzynski, lodged a PLN5.31 (US$1.73) per share offer early this month, saying it represented a 30% premium on Netia’s closing share price before speculation on the topic started from 11 March.
Today however, Unicredit, which is managing the offer, said the company will offer PLN5.41 per share from today until 29 July and then PLN5.11 per share until 5 August.
The Warsaw-based cableco aims to acquire 114.8 million shares in Netia, equal to a 33% stake, which would make it the largest shareholder. Vectra would not, however, gain control of the company.
The CEO of coin maker Mennica Polska, which holds 9.99% of Netia, was quoted shortly after Vectra made its initial offer as saying he would need time to evaluate it.
Meanwhile local entrepreneur Zbigniew Jakubas, who has an indirect 15% stake, reportedly said he would not be replying to the offer as he had long-term plans for his holding.
Netia reported PLN1.9bn (US$626m) in revenue for 2013, EBITDA of PLN533m (US$176m) and net debt of PLN291m.
Netia is the country’s second-largest fixed-line telco behind former state-owned incumbent Orange Polska. Liberty Global’s UPC unit is the largest cableco.
