French Iliad Group does not rule out a compulsory buyout of shares owned by minority shareholders and the delisting of Play Communications from trading on the WSE if, as a result of the tender offer, it reaches the threshold of 95 percent of the total number of Play shares, the company said. Iliad just announced a tender offer for 100 percent of Play shares at PLN 39 per share. The entries in the tender offer will last from October 19-November 17 this year.
The condition for the purchase of shares in the tender offer is the decision by the European Commission not to object to the transaction. The entities acting as intermediaries in the tender offer and financial advisors are Société Générale and Santander Bank Polska.
"The proposed price of PLN 39 per share means a 39 percent premium to the closing price on the day preceding the announcement of the tender offer, as well as a 45 percent premium to the average share price on the WSE weighted by the trading volume for the last week preceding the tender offer and a 33 percent premium to the average price shares weighted by the trading volume for the last month before the tender offer. The proposed price is historically the highest offered for shares of Play Communications and provides shareholders with the opportunity to profit from the entire investment at a favorable price," the release reads.
Kenbourne Invest II and Tollerton Investments – the largest shareholders of Play Communications holding 51.16 million shares each representing 40.2 percent of votes at the general meeting, signed a binding share sale agreement with Iliad providing for the irrevocable sale and transfer of all shares in Play Communications under the tender offer, regardless of the possible appearance of any competitive offer. The deal guarantees Iliad most of the seats on the board of directors of Play Communications.
Play Communications owns 100 percent of shares in P4 (Play), the operator of Play's mobile telephony. The company made its debut on the WSE in July 2017.