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Kopex rejects Famur's acquisition offer

7th January 2014
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Famur wanted to swap assets for shares

Famur wants to acquire Kopex

Mining machinery maker Famur has submitted a merger proposal to sector company Kopex, Famur said last week. However Kopex has rejected the offer.

The proposed merger could take place through the transfer of all assets in Kopex to Famur in exchange for the latter company's shares, Famur said. The suggested share parity is two Famur shares for one Kopex share.

But there is no intent for cooperation from the part of Kopex. “I do not plan to sell or exchange shares in Kopex and it is hard to give a reason for me to change my mind,” the company’s majority shareholder and supervisory board chairman Krzysztof Jędrzejewski told ISBnews. He declined to comment on the details of the merger proposal.

Famur has also acquired an option for 9.99 percent in Kopex from their mutual shareholder TDJ. Famur is entitled to buy the stake in Kopex at zł.10.75 per share. The option is valid until June 30, 2014.

Poland A.M.

From Warsaw Business Journal

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