Eko Soars as Mid Europa Raises Bid Price to Trump Advent Offer
Eko Holding SA (EKO) surged to the highest level in more than a year in Warsaw trading after Mid Europa Partners increased its bid for the Polish grocery chain to trump a rival offer from Advent International Corp.
Eko jumped 15 percent to 6.27 zloty at the close in Warsaw, advancing to the highest level since July 2011 and valuing the company at 304.8 million zloty ($98 million).
Mid Europa, a London-based private equity fund, lifted its takeover bid to as much as 6.35 zloty a share from 5.5 zloty a share, the company said in a regulatory statement. Earlier today Advent increased its offer to 5.6 zloty from 4.7 zloty.
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