KI Chemistry delays tender offer for Ciech
April 28, 2014
KI Chemistry puts off the deadline in its tender offer for chemicals firm Ciech to May 30, offer manager DM BZ WBK said in a statement.
The subscriptions in the tender offer were supposed to end on Friday.
KI Chemistry, investment firm controlled by mogul Jan Kulczyk, bid on 66% of Ciech at PLN 29.5 per share. The bidder said it would go through with the transaction if at least 31,619,946 shares were tendered but reserved the right to drop that requirement. The company intends to keep Ciech listed on the WSE.
Poland's State Treasury, which controls 38.7% of Ciech, expressed interest in selling its stake in the offer but withheld its decision until the last moment.