Acron extends $434 million bid Azoty Tarnow

Acron extends $434 million bid for Azoty Tarnow

5:08 AM, 3rd July 2012
Acron extends $434 million bid for Azoty Tarnow

MOSCOW, RUSSIA: Acron has extended its 1.5 billion zloty ($434 million) bid for Polish rival Azoty Tarnow for a third time. Tarnow and Poland’s treasury, which holds 32 per cent stake of the company, are against the bid as the sale to Russian group would be a sensitive issue given historical tensions over the two countries.

While Poland is seeking to raise 15 billion zlotys ($4340 million) through asset sales by end-2013, it has set up defences against Acron. Earlier in the month, Tarnow said it would seek shareholder backing for a share issue as a poison pill to choke the offer. An extraordinary shareholder meeting that will vote on the plan was scheduled for July 14. Investors will need to register their shares until June 28, a day before Acron’s unsolicited bid was previously set to end, meaning the Russian bidder would not be able to vote.

© Reuters News

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