White & Case has advised Asseco Poland on a shares buy-back via an invitation for current shareholders to submit offers for the sale of their shares.
Warsaw Stock Exchange-listed Asseco Poland is the largest Polish software producer. The Asseco Group is Europe's sixth-largest software producer, operates in 61 countries worldwide, and employs nearly 33,000 people.
According to White & Case, as part of the buy-back, ”Asseco Poland acquired more than 14.8 million shares at PLN 80 per share for a total value of nearly PLN 1.2 billion, representing 17.84% of the company's share capital. The shares buy-back changes Asseco Poland's shareholding structure, contributing to the shares' increased liquidity and the company's long-term value. The shares were bought back via a public invitation to submit offers at a final price identical for all shareholders. Asseco Poland received offers from shareholders for the sale of shares which resulted in a sale price not higher than PLN 80 per share, covering a total of 26.5 million shares, and the reduction rate of offers submitted by shareholders amounted to 44.13%.”
The White & Case team in Warsaw included Partner Marcin Studniarek, Local Partner Bartosz Smardzewski, and Associate Dawid Ksiazek.
White & Case did not respond to our inquiry on the matter.