June 22, 2012

Russia's Acron prolongs further its tender offer for ZA Tarnow

From the previously set June 29, Russia's Acron extended again its tender offer for chemical firm ZA Tarnow to July 6, offer manager DM BZ WBK said in a statement.

Poland's Treasury officials had already declared Poland will not sell its shares in the tender offer.

Acron, via unit Norica Holdings, announced a tender bid for 41,550,037 shares of ZA Tarnow for PLN36 (US$11) per share in May. Subscription started on June 6 and was supposed to last until June 22.

Minority shareholders Aviva OFE, Generali OFE and PZU have called the priced offered by Acron as unsatisfactory.