OFEs won’t sell Tarczyński shares in the tender

A group of Open Pension Funds (OFE) informed that they will not be responding to the tender offer for WSE-listed meat processor Tarczyński. The group includes OFE Aviva BZ WBK which holds 14.37 percent stake, and, Nationale-Nederlanden OFE (6.97 percent stake) as well as a number of other funds which stakes do not exceed 5 percent. In the letter sent to the company, OFE agreed that the share price proposed in the tender offer (PLN 10.5 per share) does not reflect fair value in their opinion. Back in December, Tarczyński main shareholders Elżbieta and Jacek Tarczyńscy launched a tender offer for 6 million of the company’s shares representing a 52.88 percent stake in the company and 41.82 percent of the voting rights. Tarczyńscy currently control 47.12 percent stake and 58.18 percent of the voting rights and were planning to delist the company if the tender is successful.