International law firm Clifford Chance advised Sibelco, a global material solutions company, on a tender offer for the purchase of all the shares in Krynicki Recykling, the largest glass recycling company in Poland.

Subscriptions to sell shares in the tender offer will be accepted from 12 April through 11 May 2022. If the threshold of at least 95% of the total votes at the general meeting of Krynicki Recykling is achieved as a result of the tender offer, Sibelco does not rule out commencing a squeeze-out of the minority shareholders, followed by a delisting of the company’s shares from trading on the stock exchange. The tender offer will be effective if existing shareholders submit subscriptions to sell at least 51% of the shares, i.e. 8,856,558 shares, and also upon Sibelco’s obtaining the relevant approval of the president of the Polish Office of Competition and Consumer Protection (“UOKiK”).

The Clifford Chance team was led by Wojciech Polz (Partner, Corporate/M&A), and the M&A team included Kamil Sarnecki (Senior Associate, Capital Markets), Karol Kulhawik (Senior Associate, Corporate/M&A), Zuzanna Potoczna (Associate, Corporate/M&A) and Krzysztof Regucki (Associate, Corporate/M&A). The team was further supported by Marta Michałek-Gervais (Senior Associate, Antitrust), Julia Piotrkowicz (Associate, Corporate/M&A), Paweł Puacz (Counsel, Energy & Environment Group) Michał Szczepanowski (Associate, Energy & Environment Group), Piotr Bogdanowicz (Counsel, Real Estate and Construction), Grzegorz Serafin (Junior Associate, Corporate/M&A) and Joanna Kamińska (Senior Associate, Employment).