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White & Case Advises KI Chemistry on Tender Offer for Ciech Shares

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White & Case has advised KI Chemistry, a subsidiary of Kulczyk Investments, in connection with the acquisition of shares in CIECH.

The transaction was carried out by way of a tender offer announced on March 5, 2014 for 34,781,939 shares in CIECH, constituting 66% of the company's share capital. As a result of the offer, on June 4, 2014 transactions were concluded for 26,952,052 shares of CIECH, entitling their holder to exercise approximately 51% of voting rights at the Annual Shareholders’ Meeting. The price offered in the tender was ultimately determined at PLN 31 per CIECH share, which means that the value of the transaction amounted to approximately PLN 835,500,000 (EUR 203 million).

White & Case’s advice in connection with the transaction included, among others, the preparation of necessary tender documentation, including transaction documentation, legal support in acquiring partial financing for the tender, and advice on the transaction’s compliance with the requirements of the Polish capital market. White & Case also provided legal services related to the procedure in which KI Chemistry obtained permits to concentrate from the appropriate antimonopoly authorities in Poland (the Office of Competition and Consumer Protection), Germany (the Federal Cartel Office), and Ukraine (the Ukrainian Antimonopoly Office).

The transaction team was led by Partner Piotr Szelenbaum, and included Warsaw Partners Daniel Kaczorowski, Maciej Zalewski and Tomasz Ostrowski, Counsel Jakub Gubanski, and Associates Aneta Urban, Jacek Polewski, and Magdalena Zmyslowska, as well as Hamburg Partner Boerries Ahrens and Associate Lars Petersen.