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PLN6.3 0.0  0.0%

Last Trade - 18/09/20

Sector
Financials
Size
Mid Cap
Market Cap £629.3m
Enterprise Value £1.61bn
Revenue £153.2m
Position in Universe 55th / 751

Lone Star says secures 55.2 pct stake in Polish developer GTC

Mon 25th May, 2015 11:11am
WARSAW, May 25 (Reuters) - Private equity firm Lone Star has 
so far increased its stake in Polish real estate developer GTC 
 GTCP.WA  to 55.2 percent 
in a tender offer, it said on Monday.  
    The fund, which was already the largest shareholder with a 
32.5 percent stake, is aiming to raise its holding to 66 
percent.  
    But having offered 6.1 zlotys per GTC share until May 22, it 
is now offering a reduced price of 5.5 zlotys until the tender 
closes on June 3.  ID:nW8N0WJ00T  
    That is below GTC's current market price of 6.05 zlotys.  
    "We have surpassed the minimum level that we wanted to 
achieve," Alexander Hesse, co-head of real estate investments at 
Lone Star Europe and head of the GTC's supervisory board, said 
in a statement. 
    Lone Star decided to go ahead with the tender despite 
failing to secure enough backing among GTC shareholders for a 
rights issue for the developer to issue up to 140 million new 
shares.  ID:nL5N0XK2S9   ID:nW8N0XX015  
    Other shareholders in GTC included local pension funds owned 
by Poland's PZU  PZU.WA , Dutch firm ING Groep  ING.AS , 
Britain's Aviva  AV.L  and Polish bank BZ WBK  BZW.WA . 
 
 (Reporting by Adrian Krajewski; Editing by Mark Potter) 
 ((adrian.krajewski@thomsonreuters.com; +48 22 653 97 09; 
Reuters Messaging: 
adrian.krajewski.thomsonreuters.com@reuters.net)) 
 
Keywords: POLAND GTC/TENDER
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