On behalf of Kikkolux Group and Vienna Capital Partners (VCP), First Chemical Vagyonkezelő has made a purchase offer for all outstanding shares of Hungarian chemicals company BorsodChem Nyrt at a price of Ft 3,000 per share, BorsodChem announced on the website of the Budapest Stock Exchange (BÉT) on Wednesday.
The offer must still be approved by the State Financial Supervisory Authority (PSzÁF) and the Competition Office (GVH).
Under the current offer, First Chemical Vagyonkezelő, registered in Hungary, will buy the outstanding BorsodChem shares on behalf of Kikkolux and VCP, instead of VCP selling all its BorsodChem shares (21.83% of voting rights) to Kikkolux as agreed under an option agreement signed in July and modified just two days earlier. The earlier option agreement is also for Ft 3,000 per share.
Kikkolux, wholly owned by Permira Funds, signed option agreements on July 6 with VCP and Firthlion, the biggest shareholders of BorsodChem with a combined stake of 52%, to purchase all of their shares. Kikkolux said at the time it had informed the board of its potential intention to make a public takeover bid for the remaining shares of the company.
Kikkolux and VCP agreed, however, on September 18, to make the public offer jointly, with VCP retaining its 21.5% stake in BorsodChem, and acquiring an unspecified but significant stake in Kikkolux, the latest announcement reveals.
The options agreement, under which Firthlion, a UK-based company controlled by Medget Rahimkulov, the head and owner of Hungary's ÁÉB Bank Zrt, and his family, has the obligation and the right to sell all of its BorsodChem shares (26.158% of voting rights) to Kikkolux, still holds, the announcement shows.
Kikkolux said on September 8 it had completed due diligence at BorsodChem and it would make a public purchase offer for the company pending financing negotiations.
Permira Funds is the largest private equity fund in Europe, with capital in excess of €20 billion.