Goldman Sachs secures 98% stake in Robyg

Goldman Sachs subsidiary Bricks Acquisition Limited tendered over 98 percent stake in the WSE-listed real estate developer Robyg at PLN 4 per share, the company said. “We are very happy that in the call we have exceeded the 90 percent threshold of shares and votes at the general meeting. This will allow us to achieve the strategic goal of withdrawing Robyg from the stock market and operating as a long-term strategic investor. We intend to work closely with Robyg's leadership to support the company's long-term success,” said Managing Director at Goldman Sachs International Tavis Cannell. Initially, Bricks offered PLN 3.55 per share, but it was blocked by a group of open pension and investment funds which combined control a 51.6 percent stake in Robyg. They decided that the PLN 3.55 per share offer “does not reflect the fair value of the company.” Overall, Bricks wanted to acquire some 289 million shares. The offer already received a green light from the antitrust watchdog UOKiK.