Softbank CEO rejects claims that share purchase is to stave off hostile bid

In a move seen by analysts as a defense maneuver against a possible hostile takeover, Softbank's founder and chief executive has increased his stake in the company. The computer systems firm said in a statement that Aleksander Lesz had bought an additional 4.7% in several transactions earlier this month, taking his holding to 33%. "It looks like Mr. Lesz was frightened by the recent noises coming from Prokom and this is his way of reinforcing the walls," said a Warsaw-based analyst. Last week chief executive of industry rival Prokom, Ryszard Krauze, was quoted by the media as saying that Softbank was a potential takeover target, adding that revenue from a planned convertible bond issue could be used for the acquisition. Lesz has said that the two firms are not in merger talks, and warned Prokom against making any hostile moves. He insists that increasing his share holding is not designed to withstand a hostile takeover bid, but merely a medium-term portfolio investment, and that he does not rule out selling the new stake at some time in the future. (Reuters)