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Kopex shares soar on buyout offer

TAG'S: FAMUR, KOPEX, Services (other)

Listed mining machinery firm Kopex is gaining almost 13% and its share price may still have an upside as rival Famur`s merger proposal and the initial rejection of the deal by Kopex chief shareholder Krzysztof Jedrzejewski indicate there is value in Kopex at current price levels, at least one local analyst believes.


The increase in Kopex share price is not surprising as Famur`s actions and the comment of Krzysztof Jedrzejewski indicate that both parties see a much higher value in Kopex, DM BZ WBK brokerage analyst Zbigniew Porczyk told PAP.


On 3 January, Famur informed it held an option to buy just under 10% of Kopex from its own parent and proposed merger talks to Kopex management. A potential merger would come in a for-equity deal at proposed merger parity of 1 Kopex share for every 2 Famur shares. However, the offer was rejected by Kopex chief shareholder Krzysztof Jedrzejewski, a holder of over-50% stake in the group, and the firm`s management board later on Friday.

Kopex share price may still have an upside, Porczyk indicated.

One has to bear in mind that Kopex will likely seek a better parity: this stimulates Kopex`s share price growth and may push it further up, he explained.


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