Penta Investments, the Central European investment group, has decided to extend the validity of the offer for A-Tec Industries AG (A-Tec). Penta stated that the offer will be extended until the end of August.
“We are strongly committed to this project and are convinced that the responsible solution for A‑Tec is meant to include all of the assets. Therefore, we believe that the conditions of our offer would secure for A-Tec and its stakeholders the best option in terms of stability, resilience and viability. Our focus for A-Tec is not based on asset stripping or financial engineering. We rather seek to achieve a successful turnaround and to create value by providing financial stability and saving jobs. We rely on our rich track-record in a number of difficult restructuring projects and on our ability to secure and increase the value of the company, by aligning our vision with the interest of the management and employees as well as through our very active engagement towards all our investment projects,” explains Martin Kusik, partner of Penta.
On June 30th 2011, Penta Investments submitted a binding offer for all the assets of A-Tec Industries AG. The offer was in line with formal requirements and hence its acceptance would allow the bondholders to be paid the full quota. Penta has already extended the validity of its offer from July 15th until the end of July.