Hitachi Capital Polska withdraws take-over bid for fleet manager, battle continues

Government-backed PKO Leasing in battle with Pollen Street Capital.

Hitachi Capital Polska decided not to go through with the purchase of fleet manager Prime Car Management as it failed to secure at least 7.86 mln shares or 66% stake, among others, offer manager Santander BM said in a statement.

Hitachi was seeking to buy 11.9 mln shares in PCM and offered PLN 22.25 per share after it hiked its offer from PLN 18 on February 21.

Subscriptions in Hitachi bid ended on 22 February 2019.

After Hitachi’s withdrawal, Pollen Street Capital and PKO Leasing are still bidding on PCM. PKO Leasing is offering PLN 23 per share after hiking the price from PLN 11.38 earlier on Friday. Subscriptions in that bid end on Monday, February 25.

Pollen Street Capital, which joined the race only on February 20, is offering PLN 20 per share. The bid opens March 13 and runs through April 15.

Our privacy policy