V&W raises bid for Kruk

Vistula & Wólczanka (V&W), a Polish clothing retailer, has raised its bid for a 66-percent stake in jeweller W Kruk to zł.24.50 per share, up from zł.23.70. The new offer valued W Kruk at zł.452 million and stood six-percent over the firm's closing price last Wednesday.

The Kruk family, which controls a 28-percent stake, has treated V&W's move as a hostile bid and called on other shareholders to reject it.