Central European Distribution Corporation has upped its offer to buy out minority shareholders in Polish distiller Polmos Bialystok.

The US-based group, which is the largest vodka producer in Poland, has tabled an offer worth PLN91 (US$30.68) per share for the remaining 4m shares in Bialystok. CEDC took control of the company, which produces vodka brands including Zubrowka, last year.

The revised offer is an increase on that tabled by CEDC last month. Then, the company had offered Bialystok shareholders PLN85.25 a share.

William Carey, CEO of CEDC, said: "We revised the price to reflect the solid operational results that were reported recently by Polmos Bialystok for the third quarter of 2006."

Earlier this month, Bialystok posted an 11% leap in net profit for the first nine months of the year. The distiller saw earnings reach PLN57.7m.

Carey added that CEDC's fresh offer met the demands of the minority investors in Bialystok. Shareholders had until Friday (24 November) to accept the offer, he added.

A successful bid would see CEDC own 94% of Bialystok and lead to the vodka producer being de-listed from the Warsaw Stock Exchange.