Bivideon's buy-out offer to minority shareholders at 440 CZK ends today at 4:00 pm CET. The price of the offer is approximately in line with our fair value estimate for Cra of 453 CZK per share. We believe that the buy-out offer may be a preferable option to minorities given the lack of transparency of the majority owner and it's future plans in Cra and their implementation, together with the likely de-listing of Cra's shares. These factors should be considered by investors wishing not to exercise the buy-out option. In addition, Bivideon announced yesterday that its holding in Cra now totals 92.85%. Note that BA-CA recently sold its 11.6% stake in Cra through the buy-out offer.
Tomáš Gatěk