IT firm Asseco turns away from Sygnity, finding another M&A target in Poland.

By bne IntelliNews August 28, 2012
Europe's seventh-biggest software vendor Asseco Poland no longer deems IT company as an attractive acquisition target as it has found "a more attractive" target in the country, according to its president Adam Goral. This project will be cheaper, but will generate higher returns, he stressed. The president also revealed that the new target will help Asseco build an IT integrator that is strong in individual regions. Asseco Poland announced a tender offer for up to 100% of shares in Sygnity in February and prolonged it several times - till the 120-day period for accepting subscriptions ended in July. It received a permit for the deal from antimonopoly office UOKiK only a few days after this deadlines. Asseco Poland proposed to pay PLN 21 per share in cash (if it acquires all 11,886,242 shares, the deal would total PLN 250mn, or EUR 59mn). Sygnity's management earlier stressed that the firm had not been consulted prior to the tender offer's announcement.

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