Central European Distribution Corporation Revises Price Offered in the Tender for Remaining Shares of Polmos Bialystok
The actual number of shares that can be purchased would amount to approximately 3.2 million times PLN 91.00 per share, worth in total approximately PLN 291.2 million (approximately $98 million).
20/11/06 Central European Distribution Corporation announced that its wholly owned subsidiary, Carey Agri, revised the price it is offering in its previously announced tender offer for the remaining shares (4,048,334 shares) of Polmos Bialystok to PLN 91.00 per share (approximately $30.64 per share).
Commenting on the revised price, William V. Carey, CEO of CEDC, said: "We revised the price to reflect the solid operational results that were reported recently by Polmos Bialystok for the third quarter of 2006. We firmly believe the revised valuation is in line with minority investors' expectations and should lead to a successful completion of the tender on the 24th of November, 2006."
In line with Polish tender regulations, Carey Agri must formally tender for the full 4.04 million shares; however, approximately 0.8 million shares are locked up by Polmos Bialystok employees until May 2007 and will not be eligible for sale as part of this tender. Therefore the actual number of shares that can be purchased would amount to approximately 3.2 million times PLN 91.00 per share, worth in total approximately PLN 291.2 million (approximately $98 million).
The last day for placement of subscriptions in the tender is November 24, 2006. Upon a successful closing, CEDC would own 66% plus the amount of shares purchased during the tender, up to the maximum of 94% and intends to start the process to de-list Polmos Bialystok from the Warsaw Stock Exchange.
