Arena.pl may sue Tel-Energo in wake of IPO failure

Internet portal Arena.pl. has decided to withdraw its shares from public circulation, after its failed IPO last month. Puls Biznesu reports that in connection with the failure of its offering, Arena will this week almost certainly file a lawsuit against Poland's second largest broadband network provider, Tel-Energo, with whom it had originally planned to co-operate in providing Internet access services. During Arena's share subscription, Tel-Energo announced that it saw no further possibility for collaboration, despite previously agreeing to a plan for the joint provision of Internet access services. According to DM WBK analyst Piotr Kajczuk, Arena's portal will lose its appeal if Tel-Energo decides to pull out of the e-commerce joint venture. In addition, unless CentralEuropa.com, Arena's largest shareholder, injects fresh capital into the company, the portal may be forced to suspend its activities. (Puls Biznesu, p. 7) M.T.K.