US asset management giant Goldman Sachs has agreed to buy Polish listed residential developer Robyg in a deal worth €244 mln.
Under the agreement, Goldman Sachs, through its Bricks Acquisitions subsidiary, will buy all the shares in Robyg via a public tender offer on the Warsaw stock exchange.
Bricks Acquisitions is to pay PLN 3.55 for each Robyg share, valuing the company at around PLN 1 bn (€244 mln). The offer price represents a 12.3% premium on the closing price of Robyg’s shares on the day before the announcement.
The tender offer will start on January 2, 2018 and expire a month later.
'The management board is evaluating the tender offer and anticipates issuing a formal recommendation to Robyg’s shareholders over the coming days,' commented Oscar Kazanelson, chairman of the supervisory board of Robyg.
Kazanelson, together with the chairman of the supervisory board of Robyg Construction Alex Goor and with CFO Artur Ceglarz, together representing just over 10% of Robyg's share capital, have irrevocably undertaken to sell their shares in the tender offer.
The take-over is conditional upon Goldman Sachs tendering at least 66% of Robyg's share capital.
'The acquisition of Robyg represents an opportunity for Goldman Sachs to add value to a high quality real estate development platform, building on our local and global experience. We look forward to working alongside the management team to expand Robyg, providing capital and expertise to support the long term success of Robyg,' said Tavis Cannell of Goldman Sachs.