The public offering was announced – in accordance with the regulations – in July. The Polish Financial Supervision Authority did not raise any objections to the terms of the public offering and it has now been formally announced. Subscriptions for the sale of shares will start on 13 August and will continue until 21 October.
Formally, the applicant is Chamonix Investments together with Aspa, Elżbieta Filipiak, Anna Pruska, Michał Pruski, Maria Filipiak, Janusz Jeremiasz Filipiak and Anna Prokop. The public offering concerns 5,266,072 shares. The intermediary entity is Trigon DM. The entity purchasing the shares will be Chamonix Investments Poland alone, i.e. de facto a CVC fund.
Is it worth selling Comarch shares in the OPA?
The price offered by CVC is PLN 315.4 per share. On the eve of the announcement of the public offering (i.e. July 16), the exchange rate was PLN 286. This is more than a 10% premium above this level. Until the announcement of the public offering, CVC’s offer was a record in Comarch’s history. But upon learning of CVC’s plans, the price soared and broke through the PLN 320 level. For the next twelve days or so, it remained at this level, slightly exceeding the fund’s offer. Today, during the session, it fluctuated around PLN 318. According to analysts, CVC’s offer is fair and adequate. On the other hand, the market clearly expects even more. It promises to be an interesting fight for Comarch.
Will Comarch disappear from the stock market?
Comarch is the second largest IT company in Poland. The first is Asseco Poland, which is valued at over PLN 6.8 billion on the stock exchange. Comarch is currently valued at PLN 2.6 billion. The main shareholders have accepted CVC’s offer and are themselves parties to the transaction. It is not yet known what the company’s shareholding structure will be after the takeover bid.
