V&W wants to use funds in its acquisition plan

MAG
26-05-2008, 20:37

Warsaw (Puls Biznesu) – Clients withdraw money from investment funds. The latter must sell shares. That’s why they will sell W.Kruk jewelry company to Vistula&Wolczanka – at least these were initial plans.

 

The war for W.Kruk led by V&W gets tougher. On Friday, the clothes company raised the price in the tender call from PLN 23.7 (EUR 6.9) to PLN 24.5 a share. Whether the acquisition is successful depends on Wojciech Kruk, the company’s founder and main shareholder who has been repeating that he would do everything to prevent the acquisition. On Friday, the company’s management refused to comment on the higher price. Today, they are supposed to present arguments to their shareholders not to sell the shares in the tender offer.

 

The news on the attempt from V&W was widely commented. Some speculated that Maciej Wandzel, member of the supervisory board of V&W who two years ago had started and conducted the merger of Vistula and Wolczanka, was behind the present acquisition plants.

“Neither me nor any of the companies I have shares of, own any shares of Vistula&Wolczanka or W.Kruk. We sold stakes of V&W 18 months ago. That’s why I have no connection with the success or failure of the tender offer. My opinion is only that of the member of the board”, Maciej Wandzel said.

He admits, however, that he supports the merger.

“A very interesting company would be created and the merger would be advantageous for both companies”, Maciej Wandzel added.

Despite that, the supervisory board is not going to encourage V&W CEO to buy W.Kruk at any price. That’s why there will probably be no more increase of the offer.

(PLN 1 = EUR 0.294)

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Podpis: MAG

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