Investment group PPF has acquired 19.354 million shares in operator O2 Czech Republic, taking its stake to 90.01 percent from 83.58 percent. Now that it owns over 90 percent, PPF announced its intention to initiate a squeeze-out procedure for the remaining shares in the company, held by three shareholders.
PPF’s stake in O2 was increased using a reverse accelerated bookbuilding for a maximum price of CZK 264 per share. It was the first transaction of this type carried out on the Czech capital market.
Only qualified investors were able to participate in the share repurchase. O2 shareholders who are not qualified investors will be able to sell their shares to PPF under a subsequent mandatory tender offer, in accordance with the applicable stock market rules.
