Polsat stake comes at slim discount

21 Jun 2011

A Z1.35bn ($489m) sale of shares in Polish satellite television operator Cyrfrowy Polsat on Wednesday afternoon priced just 2.3% below the price of the stock before the deal launched – a remarkable achievement given recent market volatility.

Deutsche Bank and Credit Agricole were bookrunners for the sale by Polsat shareholders Zygmunt Solorz-Zak, who retains a majority stake in the company, and Heronim Ruta.

A total of 86.1m shares – representing 24.72% of Polsat – were sold at Z15.7 compared to a market close of Z16.07 before the deal was ...

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