Central European Distribution Corporation is on the hunt for the remaining shares in Polish vodka company Polmos Bialystok that it does not already own.

The US-based company confirmed yesterday (16 January) that its wholly-owned subsidiary, Carey Agri, will launch a new tender offer for around 2.86m shares in Bialystok, which will amount to around PLN294m (US$98m) at PLN103 per share.

"This $98m will be financed through a credit facility which has been arranged with an international bank," CEDC noted.

The tender is set to close by the middle of next month, with CEDC hoping to own up to 93% of Bialystok's shares. The remaining 7% are held by employees with a lock up until May, and will not be eligible for purchase in the tender offer.

CEDC acquired a 61% stake in Bialystok in July 2005 for PLN1.06bn. Late last year, however, the corporation managed to acquire just under 340,000 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 Bialystok from the Warsaw Stock Exchange.