POLAND: CEDC Bialystok share offer reaps only 10% - report
Central European Distribution Corporation (CEDC) has bought up only 10% of the intended amount of shares in Polmos Bialystok, according to local reports.
News service Poland Today said this morning (29 November) that the US-based group managed to get only 338,741 shares in the vodka company, having planned to acquire 3.2m of the remaining 4m. CEDC had hoped to buy the shares, and then de-list Polmos Bialystok from the Warsaw Stock Exchange.
Earlier this month, CEDC, which is the largest vodka producer in Poland, upped its offer for the 4m shares to PLN91 (US$30.68) per share from the original offer - made in October - of PLN85.25 per share. At the time, William Carey, CEDC's CEO, claimed that the revised offer met the demands of the minority investors in Bialystok.
The offer ran from 26 October until last Friday (24 November).
In July last year, CEDC acquired a 61% stake in Bialystok for PLN1.06bn. Poland Today highlighted that this was equal to PLN146.5 per share, much higher than the amount offered to minority shareholders.
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