Poland’s second-largest cableco Vectra has abandoned its bid for a stake in local telco Netia, having failed to reach its 33% target during the share tender process.
The Warsaw-based cableco announced the news today, with CEO Tomasz Zuranski saying it…
Poland’s second-largest cableco Vectra has abandoned its bid for a stake in local telco Netia, having failed to reach its 33% target during the share tender process.
The Warsaw-based cableco announced the news today, with CEO Tomasz Zuranski saying it remains open to future investment opportunities.
Vectra, backed by Polish investor Tomasz Wegrzynski, launched a PLN610m (US$201m) bid for 114.8 million Netia shares in early July, saying the PLN5.31 (US$1.75) per share offer price represented a 30% premium over Netia’s closing trading price before speculation on the topic began in March.
Later in July, Vectra, which mandated Unicredit to advise it on the transaction, tweaked the bid, 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. The tender period began on 23 July and ended yesterday.
Netia is Poland’s second-largest fixed-line telco behind former state-owned incumbent Orange Polska. Its largest single direct shareholder is coin maker Mennica Polska with a 13% stake, followed by Sisu Capital with a 12.74% holding. Nearly 40% of the company’s shares are in free float in the Warsaw Stock Exchange. Netia has a market cap on the bourse of PLN1.95bn (US$619m).
