TDC: Polish Polkomtel Shareholders Accept Sale Offer

STOCKHOLM -(Dow Jones)- Danish telecommunications group TDC, Friday said the Polish shareholders in Polkomtel has accepted its offer to sell 76% of its holding in the Polish mobile telecommunications operator.

The company said accepting shareholders include KGHM Polska Miedz, PKN Orlen, Polskie Sieci Elektroenergetyczne and Weglokoksthe.

The sale comprises of 3.04 million shares, accounting for 14.8% of Polkomtel's total share capital. The total purchase price amounts to EUR650.5 million, equal to EUR214.04 per share.

The parties have agreed that they will vote in favor of distributing maximum dividend to the shareholders in 2006 and 2007 and a dividend corresponding to 50% of Polkomtel's net profits thereafter.

The purchase price will be reduced by dividend paid out offset by interest on the purchase price.

TDC said it has offered its remaining shares to Polkomtel shareholder, Vodafone, but the latter has contested TDC's offer price.

Vodafone has in Polish courts obtained an injunction against the transfer of TDC's shares in Polkomtel and must initiate arbitration proceedings on March 10 in order to maintain the injunction.

TDC said that it's a condition for the closing of the sale to the Polish shareholders that it isn't prevented by the legal actions taken by Vodafone.

(END) Dow Jones Newswires "

Posted to the site on 10th March 2006