US: CEDC looks to up Bialystok stake, again
Central European Distribution Corporation is set to up its stake in Polish vodka company Polmos Bialystok.
The US-based company, which announced a tender offer for the remaining Bialystok shares last month, said yesterday (13 February) that its wholly-owned subsidiary, Carey Agri, has placed an order to purchase 2.54m shares in the vodka producer.
CEDC noted that the purchase, costing PLN103 (US$34.11) per share, will up its stake in Bialystok from 69% to just over 90%. The tender is set to close tomorrow.
"We are pleased with the results of this tender which allows us to move forward with the de-listing of Polmos Bialystok from the Warsaw Stock Exchange," said William Carey, CEDC's CEO. "As CEDC is already listed on the Warsaw Stock Exchange, in addition to the Nasdaq Global Select Market, we do not feel it is necessary to have our daughter company listed as well."
Late last year, CEDC managed to buy only 338,741 shares in Bialystok after looking to snap up 3.2m in a tender offer. Having offered PLN91 for each of the remaining shares, CEDC saw the take-up from minority shareholders fall well below what it had hoped.
When CEDC acquired its majority stake in Bialystok in July 2005, the company paid PLN1.1bn, equating to PLN146.5 per share.
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