Polish billionaire investor Michal Solowow announced a tender offer for all shares of chemical company Synthos that he does not control, FTF Galleon, Synthos’ major shareholder, said late on October 26.
The intention is to ultimately delist the company from the Warsaw Stock Exchange. Solowow is offering PLN4.78 (€1.13) per share, roughly in line with last week’s closing price of PLN4.94.
The call is for 496.7mn shares. The potential value of the transaction is therefore over PLN2.24bn if the announced price stands.
The tender will last from November 17 until December 18. Solowow will consider a mandatory squeeze-out of shares if he secures at least a 90% stake. Solowow currently controls nearly 62.5% of Synthos.
Solowow told newspaper Puls Biznesu recently that Synthos’ dividend potential is likely to be limited in the coming years, due to high investments and maturing bonds, Wood notes.
“Moreover he claims that Synthos does not need any additional financing, so for the company, being public translates only into costs and disclosure requirements,” Wood analysts also said. They do not expect a solid interest in the tender at the proposed price, however.
Related Articles
Poland's PKO BP reaffirms commitment to defence sector as profits quadruple in 2Q24
Poland's largest bank PKO Bank Polski will continue to play a crucial role in financing the nation’s rapid defence build-up, according to CEO Szymon Midera, who reported net profits quadrupled in ... more
Poland’s Bank Pekao posts 16% y/y decline in net profit, well below expectations
Warsaw-listed Bank Pekao, Poland’s second-biggest lender by assets, posted a net profit of PLN1.4bn (€328.3mn) in the second quarter, marking a 16% decline year-on-year and a 6% drop ... more
Poland’s VeloBank sold to Cerberus-led consortium
A consortium led by US investor Cerberus Capital Management, which includes the European Bank for Reconstruction and Development and the International Finance Corporation from the World Bank Group, ... more
Most Read
-
Russia’s economy is tougher than it looks, no chance of a crisis in the next 3-5 years – CASE
2 days ago
-
So you want to get on the right side of Donald Trump? Try gift-wrapping a hotel
1 day ago
-
The significance of Elon Musk's meeting with Iran
1 day ago
-
Moldova's EU ambitions and the Transnistria dilemma
1 day ago
-
Peru's Chancay megaport heralds a new era for Latin America’s trade
1 day ago
-
RAGOZIN: What will a Trump-led peace deal in Ukraine look like?
5 days ago
-
What Trump’s return means for Armenia and the South Caucasus
9 days ago
-
Congratulatory words for Trump mask fears of destabilisation in Western Balkans
10 days ago
-
KYIV BLOG: Trump 2.0 is good news for Putin, bad news for Zelenskiy
9 days ago
-
Iran’s exiled prince urges Trump to support overthrow of Islamic Republic
9 days ago
-
Elon Musk's Starlink is turning the tide of the Ukraine War in favour of Russia
1 month ago
-
LONG READ: Georgian Dream’s hold over rural areas won it the election
13 days ago
-
Russia overtakes Japan to become the fourth largest economy in the world in PPP terms
5 months ago
-
What would a Trump win mean for Latin America?
11 days ago
-
Mass protest in Serbia’s Novi Sad over deadly station canopy collapse turns violent
10 days ago