Polish cableco Vectra has lodged a PLN5.31 (US$1.75) per share offer to acquire 33% of Netia. Vectra said the offer represents a 30% premium over the fixed-line operator’s closing share price before the start of speculation from 11 March.
Vectra,…
Polish cableco Vectra has lodged a PLN5.31 (US$1.75) per share offer to acquire 33% of Netia. Vectra said the offer represents a 30% premium over the fixed-line operator’s closing share price before the start of speculation from 11 March.
Vectra, backed by investor Tomasz Wegrzynski, is looking to acquire 114.8m shares in Netia for a total of PLN610m (US$201m). This would make Vectra the company’s largest shareholder, although it would not gain control of the Warsaw-based telco.
Tomasz Zuranski , Vectra’s chairman, said in his view the proposal is attractive to shareholders “because it reflects the perspectives of company development and the risk associated with the growing competition and changing demands of the clients”.
Unicredit, which has been mandated by Vectra, said in a tender document that the offer will commence on 23 July and close on 5 August.
Netia generated PLN1.9bn (US$626m) in revenue for 2013, reported EBITDA of PLN533m (US$176m) and disclosed net debt of PLN291m. Vectra’s offer values the alternative operator at PLN1.8bn (US$593m).
The CEO of coin maker Mennica Polska, which holds 9.99% of Netia, was quoted by Bloomberg as saying he was surprised by Vectra’s offer and would need time to evaluate it.
Meanwhile local entrepreneur Zbigniew Jakubas, who has indirect control of 15% of the telco, told Reuters that he would not be replying to the offer as he had long-term plans for his stake in Netia.
Vectra is Poland’s second-largest cableco after Liberty Global’s UPC unit and boasts 900,000 customers. Netia is the country’s second-largest fixed-line telco behind former state-owned incumbent Orange Polska.
