Elektrim shares jump after bids for its PTC shares

Yesterday, Elektrim announced that it received, from financial investors Elliot Advisors Ltd and Centaurus Alpha Master, an offer to acquire 49% of the shares in Elektrim Telekomunikacja (ET) for euro 450 million. ET, which holds 51% of PTC, the largest mobile phone operator in central Europe, is the most valuable asset of Elektrim. Both funds represent Elektrim's b ondholders, to which the holding is due almost euro 480 million. The offer states that the funds will pay partly in cash and will partly exchange Elektrim debts for shares in ET. The funds' offer is said to be a reaction to market rumors that BRE Bank and Eastbridge have proposed euro 400 million to Elektrim for its package in ET. After the information about offer was made public, the Warsaw Stock Exchange (WSE) suspended trading in Elektrim shares. After trading restarted, Elektrim's shares jumped by 6.65% and finally, at the end of the day settled at 6.2% above the value quoted the previous day. (Prawo i Gospodarka, p. 5, Puls Biznesu, p. 7), M.T.