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Cordia planning to buy the remaining 34.34% of Polnord

Cordia International Ingatlanfejlesztő Zrt. announced a public tender offer on February 14 to buy the remaining approximately 34.34% of the shares in Polnord S.A., which is not owned by Cordia International currently, according to a press release sent to the Budapest Business Journal.

Cordia has recently acquired approximately 65.66% of the shares in Polnord S.A. and intends to purchase in a tender offer up to 100% of the shares. The price per share offered by Cordia is PLN 3.55. The tender offer includes no conditions and Cordia will purchase all shares tendered in the tender offer, regardless of the number thereof.

Cordia established a security interest corresponding to the value of all shares in Polnord S.A. not owned by Cordia to secure its obligation to purchase all tendered shares.

"Cordia intends to increase its ownership in Polnord. Under Polish law, the threshold of 66% of the votes at a general meeting in a publicly listed entity may be exceeded only by way of a tender offer for all the remaining shares in such entity. Our tender offer was announced in order to fulfill such obligation," says Tibor Földi, CEO of Cordia International.

The subscription period starts on March 5 and ends on April 3.

"The amount of shares that Cordia should and must buy will be revealed after the end of this period," he added. The tendered shares will be purchased by Cordia on April 8 and such transactions will be settled on April 9.

As a part of its international expansion strategy, Cordia has recently acquired 63.7 million shares of Polnord, in a transaction worth EUR 31.7 million.