Hitachi Capital closes in our Prime Car takeover

Japanese Hitachi Capital Polska has secured regulatory approval for its bid to takeover Prime Car Management.

Hitachi Capital Polska, a leading provider of full service leasing, has received approval from the Office of Competition and Consumer Protection (UOKiK) for the Prime Car Management acquisition. That means that one of the main conditions for the takeover has been fulfilled.

Hitachi Capital Polska in December announced a tender offer for 100% of shares of Prime Car Management offering PLN 12.09 per share and subsequently submitted its request to the Office of Competition and Consumer Protection for consent to takeover the company. The minimum threshold in the tender offer was set at 66% of shares.

HCP has in recent days lifted its offer 50% to PLN 18.00.

Obtaining regulatory approval is another important step that brings Hitachi Capital Polska closer towards the acquisition of Prime Car Management.

The subscriptions for the sale of shares has been extended until 22 February 2019. The planned date of the execution of the transaction on the WSE is slated for 27 February 2019, while date of the settlement of the transaction by the KDPW is scheduled for 4 March 2019.

Santander Bank Poland – Santander Brokerage acts as an exclusive financial advisor and intermediary broker for the tender offer announced by Hitachi Capital Polska. The retail consortium also consists of mBank Brokerage and BOŚ S.A. Brokerage.

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