Bala Cynwyd, Pa., January 16, 2007 - Central European Distribution Corporation today announced that its wholly owned subsidiary, Carey Agri, will commence a new tender offer for the remaining shares of Polmos Bialystok for PLN 103 per share (approximately $34.33 per share). The tender is for approximately 2.86 million shares which amounts to approximately PLN 294 million (approximately $98.0 million).
This $98.0 million will be financed through a credit facility which has been arranged with an international bank.
The tender is expected to close by the middle of February 2007. Upon a successful closing, CEDC would own up to 93% of the outstanding shares of Polmos Bialystok. The remaining shares, which would equate to 7% of the outstanding shares, are held by employees with a lock up until May 2007, and will not be eligible for purchase in the tender offer.