OFEs again refuse to sell Tarczyński shares

Three open pension funds (OFEs) Nationale-Nederlanden Otwarty Fundusz Emerytalny, Aviva Otwarty Fundusz Emerytalny Aviva BZ WBK, and Otwarty Fundusz Emerytalny PZU Złota Jesień have said they will not sell their shares in WSE-listed meat processor Tarczyński despite the second price hike to PLN 14, saying that the price did not reflect the fair value of the company. In response, the company’s main shareholders Elżbieta and Jacek Tarczyński, who organized the tender said they will now consider calling it off. “We’re very surprised by the decision. The new price is 33 percent higher than the initial one. We wanted to offer a fair price for all minority stakeholders which would allow us to delist the company. In this situation, if the tender conditions are not met, we are considering withdrawal from the transaction at all. We will make the decision after the subscription is over,” said David Tarczyński. He added that there is no formal possibility for another price hike before the tender deadline expires on February 28. Tarczyńscy, who currently control 47.12 percent stake and 58.18 percent of the voting rights, wanted to buy 6 million shares representing 41.8 percent stake in the company. The initial price was set at PLN 10.5.