Integer to shareholders: sell us your shares or we will go bankrupt

Owner of Integer.pl Rafał Brzoska and Advent International equity fund which wants to buy the outstanding 70 percent shares of the company said to its shareholders that if the buyback plan fails, the company might have to cease operations within the next 12 months. Brzoska, who owns 30 percent of the company's stake and Advent announced a tender offer for the remaining 70 percent shares at PLN 41.1 apiece and shares of its subsidiary inPost for PLN 9.5 apiece.  Advent said it will invest PLN 500 million of new capital into the group and delist it, but only if the tender offer is successful. And according to some analysts the offer is too low (Integer stock as of press time stands at PLN 44.5 apiece, inPost stock is at PLN 10). Furthermore, both companies postponed the publication of last year's financial result to April 21, one day after the tender offer expires. The company explained that the contents of the report depend on the tender results, as its failure will increase the risk “that the company might not be able to continue its activity over the course of the next 12 months.” The company has bonds worth PLN 65 million maturing this year as well as loans worth up to PLN 26 million that have to be paid back till the end of March. The minority shareholders can also execute put options they have, worth €27 million, the company warned in a market filing. Integer.pl through its subsidiary inPost is a parcel locker operator and is the second biggest postal operator in Poland.