A&R Carton and Colorpack, AR Packaging group companies, have decided to increase the offer price in the tender offer for BSC Drukarnia Opakowań to PLN 40.5. Investors can subscribe to sell their shares in the tender offer until 26 March 2020.
“When we announced the tender offer for BSC Drukarnia Opakowań shares in January, the company’s share price was close to its all-time high. In our assessment, selling shares in the tender offer back then was already an excellent opportunity for minority shareholders to take considerable profit on their investment. We believe that, given the current market conditions, an increase in the tender offer price from PLN 40.38 to PLN 40.50 will constitute an additional incentive for all minority investors to respond to the tender offer,” said Harald Schulz, CEO of AR Packaging Group.
AR Packaging, through A&R Carton, currently controls a 60.82% stake in BSC Drukarnia Opakowań. According to the relevant laws, A&R Carton was required to announce a tender offer for shares that would allow it to reach the 66% threshold in votes at the company’s general meeting. However, A&R Carton decided to announce a tender offer for all of the remaining shares, i.e. 3 842 136 shares, constituting 39.18% of share capital, thus presenting an opportunity for all of the minority shareholders to sell their shares in the tender offer.
If the 95% threshold in votes at the general meeting of BSC Drukarnia Opakowań is reached as a result of the tender offer, AR Packaging does not rule out a mandatory squeeze out of minority shareholders and de-listing the company. Alternatively, if 90% threshold in votes at the general meeting is reached the Offeror may conduct the delisting process without the mandatory squeeze out of minority shareholders.
Subscriptions to sell shares in the tender offer will be accepted until 26 March 2020 by Santander Biuro Maklerskie. The customers of mBank may also place subscriptions at a designated location of mBank Biuro Maklerskie.