Kulczyk hikes bid for Ciech
May 30, 2014
KI Chemistry, a unit of Kulczyk Investments, upped its bid for a 66% stake of chemicals group Ciech to PLN 31 per share, the tender's managing broker said in a statement.
The PLN 31 per share ticket price now values the full bid for 66% at PLN 1.08 billion.
KI Chemistry had initially placed its bid for just over 34.78 million shares at PLN 29.5 per share, but had drawn strong signals of resistance from the Polish State Treasury, lead shareholder with a 38.7% stake.
Kulczyk had said it will proceed if at least 60% of the firm is tendered, but left the door open to drop that requirement.
The State Treasury had further soured Kulczyk's plans by voting through a PLN 1.13 dividend per share at the recent GM.
Kulczyk had initially conditioned his bid on full retention of 2013 earnings