PSE dissatisfied with Netia's bid for Tel-Energo

It is becoming very likely that the sale of Tel-Energo, the second largest fiber optic network operator, after TPSA, will be annulled. The National Grid (PSE), the owner of Tel-Energo, has received only one purchase bid for the company, which came from Netia. This offer however, was not regarded as an attractive one as Netia suggested less than zł. 300 million for a 50% stake. "The price of Tel-Energo shares does not even exceed the book value of the company, which amounts to zł. 600 million for 95% of the shares. PSE's expectations were much higher," said an anonymous informer close to the bid. Initially Tel-Energo's value was estimated at zł. 1.3 billion excluding liabilities of zł. 500 million. Therefore the value should stand around zł. 800 million. "While the tender has not yet been officially annulled, we also cannot cross out Netia's offer. Their bid has different options, some of which could be beneficial for PSE," said a source close to Tel-Energo. (Puls Biznesu, p. 5) A.K.