Kruk throws in the towel and agrees to V&W takeover

Quite surprisingly Wojciech Kruk, who with his family controls an almost 30% stake in jewelry company W.Kruk, will reply to the call for shares in his company made by Vistula&Wólczanka. Up to Monday he was refusing to sell his shares and publicly opposed the call, as in his opinion, the takeover would hurt the company.

The decision was made as, "Seeing no possibility of continuing cooperation as a strategic investor of W.Kruk, I took a decision with my family to answer the call," reads the announcement of the company's founder.

Now it is possible that the call for an up to 66% stake worth zł.300 million in the firm might be successful. "I am also surprised. I only regret that unnecessary tough words were not avoided. This is a good decision for the company," said Rafał Bauer, president of V&W.

According to earlier announcements, Wojciech Kruk, whose shares are worth about zł.120 million, was planning to establish a competitive firm if the call was successful, but no further comments were provided on the topic on Monday.

Resources: Rzeczpospolita, Parkiet