Vectra ups offer for Netia shares

NetiaPolish cable operator Vectra has upped the price of its tender offer for shares in alternative telecom operator Netia, from PLN5.31 (€1.28) to PLN5.41 per share. The price is valid until July 29 inclusive. The new price represents a premium of over 30% to the average price of Netia stock for the six months preceding the tender offering.

Vectra CEO Tomasz Żurański said the latest offer refelected the “fundamental value” of Netia and noted that the company’s fundamentals had not changed, with a continuing decline in revenues and EBITDA over the last four quarters.

Vectra submitted a bid to acquire one third of Netia’s shares for about PLN609 million earlier this month. Netia CEO Mirosław Godlewski resigned earlier this year after the company reported a 12% year-on-year drop in 2013 full year revenues.