ITI renegotiates buy-out agreement of Optimus shares
ITI Holdings renegotiated its agreement with BRE Bank and Zbigniew Jakubas
concerning a buyout of Optimus shares, Rzeczpospolita has learned. Contrary
to previous assumptions, ITI will take over only a 25% stake, giving it
61.6% of votes. The transaction will be completed before April 17, provided
that the Warsaw Stock Exchange Commission approves it. The price set in Nov.
2000 of zl. 220 per share hasn't changed, despite a serious decrease in
market price in the meantime. ITI will pay $79 million in bonds convertible
to its shares and the rest in cash, making a total of zl.386.36 million. The
holding is mainly interested in the Internet section of Optimus, including
the biggest domestic portal Onet.pl. BRE Bank president Wojciech Kostrzewa
revealed that a plan to divide Optimus into two parts is already being
prepared. ITI will take over 100% of the Internet part, whereas BRE bank
intends to hold a stake in the technological side for at least 2 or 3 years
and is even considering buying it back. (Rzeczpospolita, p.B3, Parkiet,
pp.1,4) M.K.
