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.
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