Polenergia makes USD-202m takeover offer for Polish Energy Partners
Aug 13, 2012 - Luxembourg-based energy holding company Polenergia SA on Friday unveiled a tender offer for the takeover of local green energy firm Polish Energy Partners (WAR:PEP) for PLN 671 million (USD 202.4m/EUR 164.7m).
Polenergia, which is controlled by Polish tycoon Jan Kulczyk, offers to acquire all the shares of PEP at PLN 31.5 apiece through its wholly-owned Polish unit Mansa Investments. The price represents a 28% premium to the volume-weighted average trading price of the shares in the last six months.
The subscription period is slated between August 28 and September 26.
The deal is subject to a threshold of 80% of PEP's shares and approval by the Polish competition regulator UOKiK.
Most of PEP's shareholders are funds, including Generali OFE which owns an 18.04% stake, ING OFE which has a 10.65% stake, Pioneer Pekao Investment Management with a 10.64% stake, Aviva OFE with 10.11%, Aviva Investors with 5.04%, and Quercus Funds with a 4.79% stake in the company.