Tarczyński to go through with tender despite not securing planned stake

Despite failing to secure enough shares to delist the company, the majority shareholders of WSE-listed meat processor company Tarczyński will go buy the shares offered in the tender, EJT Investment said. Elżbieta and Jacek Tarczyński, who organized the tender planned to buy 6 million shares representing 41.8 percent stake in the company. The price in the tender was initially set at PLN 10.5 apiece but was twice raised with the final offer at PLN 14. Yet, three open pension funds (OFEs) Nationale-Nederlanden Otwarty Fundusz Emerytalny, Aviva Otwarty Fundusz Emerytalny Aviva BZ WBK, and Otwarty Fundusz Emerytalny PZU Złota Jesień have said they will not sell their shares deeming the price too low. OFE Aviva BZ WBK holds 14.37 percent stake, while Nationale-Nederlanden OFE  has 6.97 percent stake) PZU OFE stake does not exceed 5 percent. The transaction is scheduled to be finalized on March 8.