Prokom bond issue announcement fuels rumors of Softbank take-over

The chief executive of computer systems integrator Softbank yesterday denied that he had recently held talks about a potential take-over by its larger peer, Prokom Software. "Recently we have not held any talks with Mr. Krauze. I don't believe that rumors about Prokom's take-over of Softbank are true," Softbank chief executive Aleksander Lesz told Reuters. Lesz also warned Prokom CEO Ryszard Krauze against attempting a hostile move. "A take-over of an IT firm without the firm's agreement is a waste of money because we do not have any other capital other than our people. And Mr. Krauze knows how to make a good deal," Softbank's CEO said. No one at Prokom was immediately available to comment. The new wave of take-over rumors has been fuelled by last week's announcement that Prokom planned to issue zl.150 million to zl.200 million worth of convertible bonds, which the firm said would be used to refinance its short-term debt. "The market is speculating that money from the Prokom issue could be used for a possible take-over," said Rafal Grzybowski, analyst at PKO BP brokerage in Warsaw. (Reuters)