Warsaw, 24 August 2016 – Investors holding a total of 61.16% of the shares of Kredyt Inkaso S.A., a leading Polish debt collection company, subscribed to sell their stakes in the first part of a tender offer announced by WPEF VI (‘Waterland’). That exceeds the 60% minimum required for the purchase to become binding.
Waterland offered PLN 25 per share in the first part of the process, i.e. from Aug. 16 to Aug. 23. For the remainder of the period, i.e. from Aug. 24 to Aug. 29, the price in the tender offer is PLN 20 per share. Kredyt Inkaso shares traded at 22.55 zloty at the close of yesterday’s session on the Warsaw Stock Exchange.
Under the terms of the transaction, the share purchase became binding on the condition that shareholders in Kredyt Inkaso subscribed to sell more than 60% of the total number of shares, and that Waterland received regulatory approval for the purchase. The fund won unconditional approval from Poland’s Office of Competition and Consumer Protection (UOKiK) for the acquisition last week.