Innova to take over ATM
Private equity fund Innova Capital, through its subsidiary Fisterra, has announced a tender offer for 100 percent of shares of telecom ATM, offering PLN 12.4 per share. Subscriptions will be carried out between May 5 and June 4 by Unicredit CAIB.
The tender will go through if subscriptions exceed 80 percent of total votes, although Fisterra may purchase them even if they don’t. If subscriptions for at least 90 percent of all votes are made, the firm will carry out a mandatory buyout of minority shareholders.
The fund wants to withdraw shares from trading and continue the firm’s organic growth.
“Additionally, Innova wants the company to continue with regional consolidation, by acquisitions of similar companies in Central Europe. Innova also wants to adjust the company’s balance sheet and use leverage to maximize its return on capital,” the firm wrote in a statement.
ATM has been listed on Warsaw Stock Exchange since 2004. Its consolidated sales revenue came in at PLN 182.79 million in 2012.
