Acron extends offer to buy Poland's Azoty Tarnow until July 6
MOSCOW. June 22 (Interfax) - Russian fertilizer producer Acron has extended the deadline of its offer to buy shares in Poland's Azoty Tarnow by another week, this time until July 6, the company said in a statement.
"We are in talks with the shareholders of Azoty Tarnow regarding their participation in the tender offer. Very often during the meetings a matter of draft resolutions for the extraordinary shareholders meeting scheduled on July 14, comes out. Draft resolutions bear a risk of capital dilution for current shareholders of the company. Additionally there is no information regarding the issue price. Therefore we extend the duration of the tender offer that shareholders have more time to analyze current situation. Proposed resolutions are subject to analysis also on our side," said Vladimir Kantor, Vice President of the Acron Group.
The deadline was recently extended until June 29 because Acron is holding negotiations with a large number of shareholders and many of them need more time to make a decision.
In mid-May, Acron, through its subsidiary Norica Holding S.a.r.l, made an offer to buy up to 66% of shares in Polish fertilizer producer Azoty Tarnow. Investors could tender their shares from June 6 to 22, 2012.
The Polish authorities have already said that they do not intend to sell their stake in the chemical company. The Polish government believes that Acron's offer price does not fully take into account the potential synergy of the deal and the scope of Azoty Tarnow's strategy.
Ukraine's Antimonopoly Committee on Friday said it had given the green light for Acron to buy more than 50% of Azoty Tarnow.
