Lone Star applied to Poland’s antimonopoly office (UOKiK) to take over the Warsaw Stock Exchange developer Globe Trade Center. The US private equity investor offered PLN 717.9m to raise its stake in GTC and help the Polish developer secure approval for its capital increase plans. GTC shares jumped to a six-year high in response to the news.
Lone Star, which bought 32.5 percent of GTC in 2013, plans to buy an additional 117.7 million shares for as much as PLN 6.1 each to boost its holding to 66 percent, according to a statement released Monday. The bid is subject to GTC gaining the approval of shareholders for its rights issue plan at a meeting on April 23. GTC management failed to achieve this in a shareholders meeting last October.
