Pelion increases buyback offer

WSE-listed pharmaceutical distributor Pelion has raised its tender offer to buyback its shares in freefloat, the company announced. The new offer for up to 8.27 million shares has been bumped from the initial PLN 52.33 apiece to PLN 59.04, increasing the offer to PLN 488 million combined. The raise comes after five pension funds that control over 20 percent of company's stock rejected the initial offer. KIPF, along with the company's owners controls 25.77 percent of capital and 54.13 percent voting rights. The tender will go through if at least 6.54 million shares are sold. Should KIPF succeed in reaching an at least 90 percent stake in Pelion, it will conduct a mandatory squeeze-out and de-list the company. Subscription has been running since March 31 and will close on May 12.