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Polish Cyfrowy Polsat and its owner offer to buy all company’s shares

Polish telecoms and media group Cyfrowy Polsat and its main shareholder plan to announce a public tender offer to buy back all of the company’s shares ahead of entering new business areas, they said in statements on Monday.

Polish telecom operators are getting ready for 5G roll-out. Earlier this year Cyfrowy sold Polkomtel Infrastruktura, which manages around 7,000 masts, to Cellnex for 1.6 billion euros.

Operations in the media and telecommunications markets will remain a key focus for the group, but it plans to enter new areas, Cyfrowy’s main shareholder, Zygmunt Solorz, said in a statement.

“Our customers are facing new challenges and new challenges always create new opportunities. I will encourage the group to pick up the glove and respond to these challenges by opening up to new areas of business,” he said without any further details.

Zygmunt Solorz controls almost 376 million Cyfrowy Polsat shares, representing 66% of the votes. Other shareholders own the remaining 264 million shares.

Cyfrowy Polsat said it would buy up to 82.9 million of its shares for an estimated cost of up to 2.9 billion zlotys, pending shareholders approval.

The price in the public tender offer to be announced on Tuesday was set at 35 zlotys per share, which values the company at 22.4 billion zlotys ($5.71 billion).

On Monday company’s shares were worth 32.68 zlotys. Reuters

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