By Liz White, UT editor
Budapest-First Chemical Holding Vagyonkezel Kft (FCH), the bidder appointed by members of Kikkolux Group, and Vienna Capital Partners (VCP) Group, today published the final documents for its public purchase offer for all shares of Hungarian isocyanates producer BorsodChem Rt.
FCH has received approval for the offer from the Hungarian Financial Supervisory Authority, said a statement from private equity specialist Permira, which owns Kikkolux. The acceptance period for FCH's offer runs from 8 Nov to 15 Dec 2006.
FCH is offering HuF 3000 for each BorsodChem share, which represents a 26 percent premium over the three-month average stock exchange price before 6 July. This was the date when Kikkolux concluded option agreements with VCP and Firthlion, BorsodChem's two major shareholders.
The existing understanding between Kikkolux and VCP allows Kikkolux to buy VCP's 21.8 percent stake in BorsodChem outside the scope of the offer and Kikkolux said it plans to do so immediately the acceptance period for the offer has expired.
Kikkolux Group is owned by Permira IV, Europe's largest Private Equity Fund.