22 February 2022
Rymarz Zdort assisted Amos Luzon Development and Energy Group Ltd. (the “Luzon Group”) in connection with a squeeze-out of the minority shares in Ronson Development SE, a leading real estate developer in Poland. Bank Pekao S.A. – Biuro Maklerskie Pekao acted as an intermediary for the purpose of the squeeze-out process.
Ronson Development SE is a fast-growing real estate developer with residential investments in major Polish cities, mainly in Warsaw, but also in Poznan, Wroclaw and Szczecin.
The Ronson share squeeze-out process was initiated in May 2021. The Luzon Group, which at that time held 66.1% of the shares, announced an offer to purchase the shares from all of the other interested shareholders. Together with Bank Pekao, Rymarz Zdort supported Ronson in this process and in the buy-back of the shares from the market, aimed at the Luzon Group exceeding the threshold for announcing a squeeze-out procedure, which took place on 19 January 2022.
On 14 February 2022, the Luzon Group required the buy-back of 8,144,022 shares in Ronson Development held by the minority shareholders and representing 4.97% of the share capital. The squeeze-out date was set for 17 February 2022 and the price per share was PLN 2.51. As a result of the above-mentioned transactions, the Luzon Group now holds in aggregate (directly and indirectly) 100% of the share capital of Ronson Development SE.
The transaction team included Paweł Rymarz, managing partner, Dr Jakub Zagrajek, partner, and Małgorzata Deruś, associate.
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