Cordia plans to buy remaining 34.34% of Polnord

Cordia International is planning to buy the remaining 34.34 percent shares of Polish developer Polnord. The Hungarian developer recently acquired a 65.66-percent stake in the company. Cordia has offered PLN 3.55 per share. The tender offer includes no conditions, and Cordia said it will purchase all shares tendered in the tender offer. Cordia established a security interest corresponding to the value of all shares in Polnord S.A., which it does not currently own to secure its obligation to purchase all tendered shares.