CMS advised a listed company, MZN Property S.A., and some of its shareholders in the process of acquiring a strategic investor. MZN Property is the owner of Internet platforms such as Morizon.pl, one of the largest real estate classified services in Poland, and Lendi.pl, an offering innovative financial services in the area of credit intermediation. Under the investment agreement, Ringier Axel Springer Media AG announced a tender offer to subscribe for shares in MZN Property, offering PLN 1.97 per share.
Finalisation of the acquisition depends on acquiring shares granting Ringier Axel Springer Media AG at least 66% of the total number of votes at the General Meeting of Shareholders and obtaining the unconditional consent of the President of the Office for Competition and Consumer Protection to carry out the transaction. As stated in the stock exchange announcement, Ringier Axel Springer Media AG obtained irrevocable commitments from certain shareholders, under which the shareholders undertook to subscribe for shares representing a total of 64.33% of the votes.
The transactional advice on the part of CMS was provided by Monika Szczotkowska, attorney at law from the CMS M&A team, while Rafał Zwierz, head of the CMS transactional practice in Poland, provided partner supervision. The team also included senior associates: patent attorney Maciej Olejnik, who advised on intellectual property rights, advocate Agnieszka Starzyńska, attorney at law Damian Karwala, advocate Małgorzata Sajkiewicz, advocate Piotr Nowicki, as well as trainee advocates Mateusz Mazur and Aleksandra Dalecka from the M&A team.
This is yet another CMS transaction in the IT/TMT/e-commerce sector recently. Previously, CMS lawyers advised, among others, OASIS Group, one of the leading providers of document and information management solutions in Europe, on the acquisition of 100% of the shares in Archidoc S.A. from the listed company OEX S.A. CMS will continue to strengthen its position as M&A advisor in the technology sector.