Ecorse Investments, a subsidiary of private equity firm Advent International, announced a call for all shares in Polish supermarket operator Eko Holding last week. It is offering over zł.199 million at zł.4.1 per share – 13 percent below the company’s stock price just before the call.
Ecorse Investments hopes to purchase at least 80 percent of Eko, which it would then de-list. It will accept offers from September 28 to October 29.
The success of the bid depends mainly on Eko Holding’s largest shareholder and president of the board – Krzysztof Gradecki.
Together with his wife, Mr Gradecki controls just over 55 percent of Eko Holding. He hasn’t revealed yet if he plans to answer the call for shares.
However, an unnamed representative of investors in Eko Holding told Parkiet that the offer price is “highly unsatisfactory.”
Also reportedly interested in Eko Holding are two other funds: Penta Investments and Mid Europa Partners.
These two are willing to pay more than Advent, Parkiet reported.
With some 300 supermarkets, Eko Holding is one of the largest players in the market. Its stock market capitalization is around zł.230 million.
From Warsaw Business Journal by Gareth Price
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