Agora buys controlling share in Art Marketing Syndicate

Agora, publisher of daily Gazeta Wyborcza, is buying a 62% stake in Art Marketing Syndicate (AMS), the biggest domestic outdoor marketing company. The transaction, following several months of preparations and negotiations, will be conducted in three stages. The AMS shareholders guaranteed Agora 1.9 million shares (62% of capital), granting 68% of votes for zl. 100 million. The price per share at zl. 46 barely exceeds the market price, and is significantly less than Agora proposed a year ago. "The marketing market is in stagnation, this has affected AMS which recorded lower revenues recently," commented member of Board of Managers of Agora, Zbigniew Bak. While the holding has not revealed its plans concerning changes in AMS, its representatives said that the agreement guarantees them the right to introduce new management, but at the same time promised financial stability for the company. (Puls Biznesu, pp. 1, 11, 20) M.K.