Tarczyński raises tender price again

The main shareholders of WSE-listed meat processor Tarczyński, Elżbieta and Jacek Tarczyński raised the price offered for the company’s shares yet again. This time to PLN 14 apiece from the previous PLN 12.6. The initial price was set at PLN 10.5. Tarczyńscy through its subsidiary EJT Investment wants to buy 6 million shares representing 41.8 percent stake in the company. A group of Open Pension Funds (OFE) which hold at least 22 percent stake in Tarczyński said that they will not sell their stakes for the two previous offered prices deeming them too low. “We have once again decided to raise the price to meet the expectations of minority shareholders and to confirm that the caller is serious about their role in the company. The price of PLN 14 is over 11 percent higher than the previous one and by over 33 percent from the initial call price. The proposed price is final, results from conversations with shareholders and is in our opinion a very good offer, especially in the context of the challenges facing the company,” Dawid Tarczyński said. Tarczyńscy currently control 47.12 percent stake and 58.18 percent of the voting rights and were planning to delist the company if the tender is successful. The offer will expire on February 28.