W.Kruk starts to fight against takeover from V&W

MAG
opublikowano: 16-05-2008, 16:08

Warsaw (Puls Biznesu) – Analysts believe that V&W, which has announced a tender offer to take over W.Kruk, may become an acquisition target itself.

Clothes companies are consolidating fast. First, LPP said it wanted to buy Artman. Recently Vistula & Wolczanka (V&W) has announced a tender call to buy 66 percent of W.Kruk at PLN 23.7 a share.

“It’s the best time for acquisitions because of low prices”, Rafal Salwa, independent analyst said.

There is rumor that V&W may itself be an acquisition target. V&W is said to have announced the tender because it has become a target of a financial investor who may take control over it.

“I don’t know anything about it”, Rafal Bauer, V&W CEO said.

“V&W is an interesting target. It has attractive outlets in big shopping malls. It’s very possible that a foreign investor is interested in the company”, Rafal Salwa said.

V&W said in an announcement on May 13th that on May 7th, 15,000 shares had been acquired by one investor. The same company wants to buy shares to win an important position in its shareholders’ structure.

Meanwhile, W.Kruk starts to fight against the hostile takeover. Wojciech Kruk, the company’s founder, is leading advanced talks with financial investors in order to make the acquisition impossible. He is ready to invest his own funds to spoil V&W plans. He is going to present alternative propositions to the shareholders within several weeks.

“If the tender call is successful for V&W I will step down because I won’t be able to conduct the investments and forecasts planned before”, Jan Rosochowicz, W.Kruk CEO said.

(PLN 1 = EUR 0.294)

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Podpis: MAG

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