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Cordia announces public tender offer for all remaining Polnord shares

Deals

Grand Warszawski / Shutterstock.com

Residential developer Cordia International Zrt., the 92.92% shareholder of Polnord SA, has announced a public tender offer to acquire the remaining approximately 7,08% of shares in Polnord SA, according to a press release sent to the Budapest Business Journal.

Image by Grand Warszawski / Shutterstock.com

The tender offer price has been set at 3.55 PLN a share in line with the requirements of the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading, and Public Companies, offering significant upside to the most recent market price., the press release notes.

Cordia has also applied for an extraordinary general meeting of shareholders in Polnord SA, in order to make a decision on withdrawing the company’s shares from public trading.  The move is in line with Cordia’s previous strategy to continue restructuring Polnord SA and further consolidate Cordia’s operations in Poland. 

The subscription period of shares will start on December 21 and last until January 20, 2021. The day of the transaction is planned for January 25, 2021 with settlement on January 28.

The process is managed by PKO BP Brokerage House and may be joined by other brokerage houses to allow easier participation for clients.  

Cordia initially acquired a controlling stake in Polnord by subscribing for 63.7 million series “T” shares in a public share offer in December last year. This February, Cordia announced a public tender offer for the remaining shares and increased its stake further to 92.92%.

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