Permira Advisers LLP, manager of a European buyout fund, announced a
public bid for Borsodchem offering HUF 3,000 per each BorsodChem share.
The bid now needs regulatory approval of authorities. Vienna Capital
Partners, an Austrian investment firm, will keep 13% ownership in the
company at Permira's request.
Our view:
We view the announcement of the public bid positively, as minority investors
might get their payments somewhat earlier (by mid-November) than
originally expected (late November – early December), increasing the
implied annual yield. The market has already priced in these developments
yesterday with the share price rising 2.4%.