According to the speculations of Puls Biznesu, Prokom could be interested in acquisition of Emax. Both companies denied having any talks on this subject. In our opinion, Emax, owned by a private equity fund BBI, who is willing to sell its stake, is an attractive acquisition target.
We are skeptical regarding potential acquisition of Emax by Prokom. We believe, however, that this rumor, following the announced merger of Asseco and Softbank and speculations regarding merger of ABG SP and SPiN, could have a positive trading impact on Emax. We reiterate our Buy rating on Emax with a fair value estimate of PLN 143 per share.