Rymarz Zdort Maruta advises Wirtualna Polska Holding and its Founders on tender offer for 100% of shares in Wirtualna Polska Holding

We are pleased to announce that we advised Wirtualna Polska Holding and its Founders – Jacek Świderski, Michał Brański and Krzysztof Sierota, together with their subsidiaries – on a voluntary tender offer to subscribe for the sale of 100% of the shares in Warsaw Stock Exchange listed Wirtualna Polska Holding. As a result of the settlement of the tender offer, Wirtualna Polska Holding acquired approximately 3.8 million treasury shares representing approximately 12.86% of the company’s share capital and carrying the right to exercise approximately 3.8 million votes at the general meeting, which corresponds to approximately 9.32% of the total number of votes in the company, at a price of PLN 59.00 per share, i.e. for a total amount of approximately PLN 225 million.

This is the first voluntary tender offer announced for the shares in a company the shareholders of which are subject to the transitional provisions of the act of 7 April 2022 amending the Act on Public Offerings, under which an increase of the share of the total number of votes above the level held as at 30 May 2022 by shareholders holding, as at that date, more than 50% but no more than 66% of the total number of votes triggers an obligation to announce a subsequent mandatory tender offer. In particular, conducting the tender offer enabled the Company to acquire treasury shares at the scale intended.

The transaction team included Jacek Zawadzki (partner), Aleksander Jakubisiak (senior associate) and Magdalena Kos (associate).