Vectra withdraws from buying stake in Netia

Image: Netia

Cable TV operator Vectra has decided to cancel its tender for 33 percent in Poland’s second largest telecommunications firm Netia, the bidder said in a statement on Thursday. The minimum subscriptions threshold has not been achieved, the statement said.

“Our decision is in line with the assumptions we had made,” said Vectra CEO Tomasz Żurański. “As a company very actively carrying out new investments, were are open to new opportunities.”

Vectra announced a tender for 114.81 million shares in Netia in early July. Subscriptions were carried out between July 23 – August 5. Throughout that time, the number of shares that other entities would want to sell did not reach the set amount.

The bidder had initially offered a price of PLN 5.31 per share. It later modified the offer to PLN 5.41 per share in the first five days of the tender and PLN 5.11 later on.

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