Coverage of high-potential mid-market firms in Poland

Article

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.

2014-01-07



Comments : 0

Add comment

The published comments are private opinions of the users. Biznespolska Media Sp. z o.o. is not responsible for their content. Intelligent and insightful comments most appreciated.

Other News

Photo of the week

Photo of the week

Following an impressive run, PKN Orlen fuel reappoints CEO Wojciech Jasiński to spearhead the company to newer, more challenging waters. Gives him a new three year term!

2017-11-21

WSE Indices


NameValueChangeTime
WIG20 2468,32 +0,01 % 10:54
WIG 63596,36 -0,04 % 10:40
sWIG80 14039,26 +0,06 % 10:40
NCIndex 285,49 +0,08 % 10:40
2017-11-21

WSE Companies


Top 5 Gainers

NameValueChange
VISTULA GROUP3,97+8,47 %
DROZAPOL-PROFIL2,00+7,53 %
MEX POLSKA4,74+6,76 %
INTERFERIE3,60+6,82 %
BYTOM2,62+5,22 %

Top 5 Losers

NameValueChange
QUMAK1,29-7,86 %
INTER CARS264,80-6,10 %
IZOBLOK SPOLKA AKCYJNA103,20-5,32 %
SWISSMED CENTRUM ZDROWIA0,82-5,75 %
AWBUD SA4,50-4,05 %