Sibelco has announced offered a tender offer for 100% of Polish glass recycler Krynicki Recykling's shares
Krynicki Recykling is the largest glass recycler in Poland, and Sibelco has offered PLN23 per share, which is a 40.2% premium over the closing price from the last trading session on the Warsaw Stock Exchange preceding announcement of the tender offer.
Subscriptions to sell shares in the tender offer will be accepted from 12 April to 11 May 2022.
Adam Krynicki, the CEO and largest shareholder of Krynicki Recykling, controlling (directly or indirectly) 31.44% of the company’s shares, has committed to sell all of his shares in the tender offer and not to cancel his subscription in case of the counter-bid.
Sibelco CEO Hilmar Rode said: “In 2021 we grew our glass recycling activity through our acquisitions of Viridor in the UK and Solover in France.
“We believe that the acquisition of Krynicki Recykling in Poland will be an important step in the development of our glass recycling business in Central and Eastern Europe.”