Billionaire Sołowow in Synthos takeover bid

O?wi?cim, Poland – Polish businessman Micha? So?owow, who owns 62.46% of shares in Synthos SA, is bidding to acquire all shares in the speciality chemicals manufacturer.

In a recent announcement, the Polish company said Solowow – through his investment vehicle FTF Galleon SA –  plans to buy the remaining shares at a price of PLN4.78 (€1.13).

With the takeover, Synthos would subsequently be delisted from the Warsaw Stock Exchange, according to the 26 Oct statement.

Synthos’ shareholders have until 18 Dec to decide whether or not to accept the offer.

So?owow made a similar move in 2016: buying all but 0.47% of shares in ceramics and tiles group Rovese, and delisting it from the WSE.

Two years earlier, he took over Barlinek SA and, likewise, withdrew the floorboard manufacturer from the stock exchange.

Syntos shares prices spiked to PLN4.94 following an initial announcement on 27 Oct, but have since stabilised at around PLN4.75.

Adam Torchala, a Warsaw-based journalist, contributed to this report.