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ACRON : Acron Group increases its tender offer for Azoty Tarnów shares to PLN 45

Acron Group has decided to increase the offered price to PLN 45 per share under its tender offer to purchase shares in Zaklady Azotowe w Tarnowie-Moscicach S.A. This is 25% more than the initial offered price and a 47,9% premium over its 6-month average market price (in the period prior to the tender offer). Investors may submit subscriptions for shares until Monday 16 July 2012.  

 

"We have increased the value of our tender offer for shares in Azoty Tarnów after extensive negotiations with the shareholders. We are now offering PLN 45 per share, which is the highest price of Azoty Tarnów ever. Moreover, the price exceeds the market valuations presented by analysts and other market participants - states Vladimir Kantor, Vice President of Acron Group.

 

"Last weeks proved that our offer is the only one on the market - all other scenarios are market speculations only and they don't bring value to the shareholders. At the same time our offer is valid until Monday only and it is the final one" - he adds.

 

According to the conditions of the tender offer announced on 16 May, Acron Group, through its subsidiary Norica Holding S.à r.l., plans to acquire an interest in Zaklady Azotowe w Tanowie-Moscicach S.A. of up to 66% of the total number of votes at the general meeting. At the same time the tender offer provides that Acron Group has the right to change the minimum number of shares tendered under subscriptions, over which it is required to purchase the shares.

 

"Just as before, we maintain our goal of becoming the strategic investor in Azoty Tarnów. We also declare our readiness to complete the tender process and acquire shares in the event of not reaching the 66% threshold of votes at the Azoty Tarnów general meeting. The final decision will depend on whether we are able to acquire a significant minority interest. Of course completion of the tender process and acquisition of shares will only be possible if the risk of share capital dilution is mitigated. This means in particular that the Azoty Tarnów extraordinary general meeting on 14 July will have to reject the proposed resolutions," he adds.

 

Subscription for shares will be accepted by Dom Maklerski BZ WBK S.A. and Bank Zachodni WBK S.A. until Monday 16 July 2012.

 

"The price increase underlines our full commitment to this project and our conviction that the functioning of both groups within one organisational structure will bring significant benefits, not just for the individual companies, but also for employees and shareholders. We want to participate in and support the future development of the Azoty Tarnów Group and ensure long-term value creation. With regard to raw materials, logistics, distribution and sales, the synergies from the transaction will enable us to work together to create one of the largest chemicals groups in Europe and the world," Mr Kantor says.

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