Pfleiderer Grajewo to list for reverse takeover

The company will issue 15 million shares and hopes to raise PLN 362m in its listing on the Warsaw stock exchange in January 2016. Existing shareholders Atlantik and Strategic Value Partners expect to hold 25.3% and 25.9% respectively following the listing.

The proceeds will be used to reduce the group's debt and to fund the reverse takeover of German parent company Pfleiderer by Pfleiderer Grajewo, to create Pfleiderer Group. The combined group will have annual sales of approximately €1bn and 3,000 employees.

This marks the company's second attempt at bookbuilding this year. In October, Pfleiderer Grajewo made its first unsuccessful attempt, setting the price range at PLN 27-31.

Atlantik acquired Pfleiderer in 2012, when it delisted the insolvent company from the German stock exchange.

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