V&W ups price in W.Kruk takeover bid
Vistula & Wólczanka raised its takeover bid of jewelry retailer, W.Kruk by 3.3 percent to zł.24.50 from zł.23.70, the company announced on Friday.
The new bid caused W.Kruk's share to rise 1.9 percent at zł.23.5, outperforming a decline on the WSE WIG index. The higher price values W. Kruk at zł. 452 million.
In response, W.Kruk announced that he nor his family, which holds 28 percent of the firm, do not plan on selling.
Vistula first announced the bid on May 5th worth zł.290 million with plans to create a stronger domestic group that would consolidate and distribute retail brands in the premium and luxury brackets, equivalent to France's LVMH Moet Hennesy Louis Vuitton.
Source: Reuters
