Paged: buyback price is ‘fair’

WSE-listed wood processor Paged said that the PLN 57.63 price tag in a tender offer for its shares is fair and the company would benefit from being delisted. “It is in the interests of the company to stabilize its shareholders and to become a private company, as the diversified strategy of the company and its capital group’s holding structure is confusing for those investing in the public market,” the company said in a market filing. The tender is organized by the company’s main shareholder Mespila Investments. It wants to buy all 5.44 million of Paged shares in freefloat at PLN 57.63 apiece. The stake represents a 35.1 percent of the company. The offer will go through, if at least 3.89 million shares are tendered, so Mespila could control 90 percent of Paged and delist it. Subscriptions in the tender offer will start on July 27 and end on August 25.