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U.S. SNI bought nearly all remaining shares in Polish TVN

Published 2015-08-27, 08:22 a/m
U.S. SNI bought nearly all remaining shares in Polish TVN
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WARSAW, Aug 27 (Reuters) - U.S. media group Scripps Networks
Interactive SNI.N bought nearly all remaining shares in Polish
broadcaster TVN TVN.WA , planning to delist the company from
the Warsaw bourse GPW.WA , a brokerage running the deal said on
Thursday.
SNI, which already owned 52.7 percent in TVN, bought
additional 156.7 million shares, DM Banku Handlowego brokerage
said.
According to Reuters calculations, Scripps thus raised its
stake to 98.8 percent, allowing for an obligatory squeeze out of
the remaining shareholders.
SNI offered to pay a total of 3.2 billion zlotys ($853
million), or 20 zlotys per share, to buy the TVN shares it did
not already own and delist it before the end of this year.

The U.S. group -- a newcomer to the Polish market -- agreed
in March to buy a 52.7 percent in TVN from financial holding
firm ITI and French media firm Vivendi 's VIV.PA Canal+.

SNI was required under Polish law to launch the tender to
increase its stake to at least 66 percent within three months of
completion of the stake buy. The Polish regulator approved the
52.7-percent purchase mid-June.
Other TVN shareholders included local pension funds owned by
the likes of ING ING.AS , Aviva AV.L , AXA AXAF.PA , or
PZU PZU.WA .
($1 = 3.7515 zlotys)

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