The acquisition of Sygnity by Asseco Poland has been approved by
UOKiK, Poland's competition authority.
Asseco Poland belongs to an international group of over 60
companies operating worldwide and is one of the leaders in the
Polish IT market. Sygnity is a direct competitor. Both companies
are listed on the Warsaw Stock Exchange.
UOKiK approved the acquisition after deciding that it would not
significantly restrict competition. Before issuing the decision,
UOKiK sent a survey to 47 companies operating in the IT market and
to some selected clients of Asseco Poland and Sygnity. Asseco
Poland and Sygnity were found to compete in IT services for
banking, public administration, media, industry, utilities,
wholesale and retail trade.
Asseco Poland's acquisition of Sygnity is an interesting
example of a hostile takeover transaction as it did not involve
consultation with Sygnity's Management Board. Its offer to
purchase 100% of Sygnity's shares was placed on the Warsaw
Stock Exchange in late February 2012 and made conditional upon
UOKiK's consent. The clearance decision was required by 9 July
but came two days after the deadline. However, Asseco Poland may
place another bid on the stock exchange in the future.
Polish competition law requires UOKiK to be notified of an
intended merger where the combined turnover of the merging parties
in the preceding financial year exceeds €1 billion
worldwide or €50 million in Poland.
This article was written for Law-Now, CMS Cameron
McKenna's free online information service. To register for
Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance
only. The information and opinions expressed in all Law-Now
articles are not necessarily comprehensive and do not purport to
give professional or legal advice. All Law-Now information relates
to circumstances prevailing at the date of its original publication
and may not have been updated to reflect subsequent
developments.
The original publication date for this article was
16/07/2012.
Specific Questions relating to this article should be addressed directly to the author.
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