Shareholders block Robyg takeover

A group of open pension and investment funds has declared that it will not sell its shares in Robyg to a Goldman Sachs subsidy Bricks Acquisition. The shareholders, who combined control a 51.6 percent stake in Robyg decided that the PLN 3.55 per share offer “does not reflect the fair value of the company.” “As a result, each of the funds separately declared to Bricks Acquisition Limited and made a commitment to the remaining funds that they won't sell shares in the company in the tender offer at PLN 3.55 per share,” Robyg said in a market filing. Back in December, Bricks announced that it is bidding for 100 percent of Robyg shares, with the tender going through if at least 66 percent stake is secured.