Vectra abandons Netia shares bid

Tomasz Zuranski

Tomasz Zuranski

Polish cable operator Vectra has abandoned its attempt to secure a one third stake in alternative telco Netia.

Vectra launched a tender for a 33% stake in Netia for about PLN609 million (€146 million) at the beginning of July and subsequently upped its offer from PLN5.31 a share to PLN5.41 a share and extended the deadline for acceptance.

The company has now withdrawn the bid after failing to reach the minimum threshold of acceptances.

Vectra CEO Tomasz Żurański had said the bid for Netia shares was a financial investment opportunity rather than part of a plan to combine the two companies operationally.