ALSO's complicated and messy acquisition of €1bn-turnover Polish distributor ABC Data will be delayed for the second time as the deal has failed to meet the legal conditions laid out in the transaction's framework agreement.
The deadline for the tender offer was slated for today, 17 April, after the previous 18 March end date was extended.
Now the subscription deadline has been pushed back yet again, this time until 13 May, with the deal expected to go through on 16 May.
Polish newswire money.pl reports that is "due to its failure to meet the legal conditions of the purchase of shares specified in point 29 of the tender offer within the time originally intended by the callers."
ALSO's offer price to acquire the Warsaw-based firm was raised from PLN 1.30 per share to PLN 1.44 per share in March, after coming under pressure from an ABC Data shareholder.
A source recently told CPI that ALSO did not want to buy ABC Data in its entirety, which prompted the Polish distributor to sell off its Czech Republic business to another investor earlier this year.
ALSO announced its intention to acquire ABC Data in December. The Switzerland-based distributor has been rapidly consolidating the central and eastern European market of late, having recently snapped up €110m-turnover Bulgarian leader Solytron Bulgaria and €80m Slovenian player DISS.
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