WARSAW, May 25 (Reuters) - Private equity firm Lone Star has so far increased its stake in Polish real estate developer GTC to 55.2 percent in a tender offer, it said on Monday.
The fund, which was already the largest shareholder with a 32.5 percent stake, is aiming to raise its holding to 66 percent.
But having offered 6.1 zlotys per GTC share until May 22, it is now offering a reduced price of 5.5 zlotys until the tender closes on June 3.
That is below GTC’s current market price of 6.05 zlotys.
“We have surpassed the minimum level that we wanted to achieve,” Alexander Hesse, co-head of real estate investments at Lone Star Europe and head of the GTC’s supervisory board, said in a statement.
Lone Star decided to go ahead with the tender despite failing to secure enough backing among GTC shareholders for a rights issue for the developer to issue up to 140 million new shares.
Other shareholders in GTC included local pension funds owned by Poland’s PZU, Dutch firm ING Groep, Britain’s Aviva and Polish bank BZ WBK. (Reporting by Adrian Krajewski; Editing by Mark Potter)