Cable TV operator Vectra has announced a tender offer for 114.81 million shares, standing for a 33 percent stake in Poland’s second largest telecommunications firm Netia, the offer’s manager UniCredit CAIB Poland announced on Wednesday. The offered price is PLN 5.31 apiece.
Vectra will buy the shares under the condition that all 114.81 million are subscribed for, the statement said. Subscriptions will take place between July 23 and August 5.
As of Wednesday, Vectra and its related entities did not hold shares in Netia.
In a press release issued later that day, Vectra said that it has decided to launch a new investment strategy after having planned the development of its core business. “We see Netia as a high-risk investment slightly aside from our core business,” CEO Tomasz Żurański was quoted as saying.
UPDATE: Well-known Polish investor Zbigniew Jakubas told Reuters later that day that he would not reply to the tender. “For sure none of the entities that have anything in common with me will not be replying,” he told Reuters. “It is not about the price, we have long-term plans concerning Netia.”