Warsaw, 16 August 2016 – WPEF VI (‘Waterland’), an independent private-equity fund, raised its all-cash bid for Kredyt Inkaso S.A. shareholders by PLN 3 to PLN 25 per share in a tender offer for which subscription starts today. Waterland intends to buy a 66% stake in the Polish debt collection company. The planned purchase has received a positive opinion from the management of Kredyt Inkaso.
Subscriptions for a total of 8,538,095 shares will be accepted until Aug. 29 by Ipopema Securities S.A., the brokerage managing the transaction. Waterland is offering PLN 25 per share in the first part of the process, through Aug. 23. That constitutes a premium of 36.5% over the volume-weighted average price for the three months prior to the tender offer announcement. For the remainder of the period, i.e. from Aug. 24 to Aug. 29, the price will be PLN 20 per share.
“We have offered a very attractive price that reflects a high premium over the share price prior to the tender announcement,” said Maciej Szymański, Principal for Waterland in Poland. “We are convinced that our bid for Kredyt Inkaso is an excellent business opportunity for both institutional and individual investors.”
The share purchase will become binding on the condition that shareholders in Kredyt Inkaso subscribe to sell at least 60% of the total number of shares, and that Waterland receives regulatory approval for the purchase. The fund has already filed with Poland’s anti-monopoly office (UOKiK) for approval to take control of Kredyt Inkaso. The planned purchase will be the first investment platform for the fund in Poland, and its largest investment in this part of Europe.
The management of Kredyt Inkaso declared on Aug. 4 that the price of PLN 22 offered in the first part of the subscription period reflects the company’s fair value. Kredyt Inkaso’s CEO and CFO have undertaken to remain with the company with Waterland’s support, and to sell the shares they hold in response to the public bid.