BEST upholds its plans to merge with Kredyt Inkaso and believes that the results of the shareholders' harmonious cooperation could be an attractive alternative to the tender offer announced by the Waterland fund. It is possible that the value of Kredyt Inkaso will increase significantly in comparison with the price in the tender offer.


"I still think that the merger of BEST and Kredyt Inkaso is the most favourable scenario for all parties. The companies are essentially complementary and the synergy effects resulting from the merger could generate a significant value in a short time. We are open to cooperation with other shareholders in every configuration. Therefore, we are patiently waiting for the completion of the tender offer announced by Waterland, when we get to know who will be our partner in the company," said Krzysztof Borusowski, President of BEST.


Last year BEST and Kredyt Inkaso for the first time estimated the benefits that the merger would bring. They assessed that the merger would make it possible to double the fundamental value of the merged entity within two years in comparison to the best cumulative scenarios for each entity separately.


"I believe that the successful completion of the tender offer will allow us to reach an agreement with the new shareholder. Waterland is a professionally managed, international investment fund and I am sure that we will have the same aim: to develop and build the value of the company. If the tender offer is unsuccessful, then after 12 September we intend to present our offer to the existing shareholders," added Krzysztof Borusowski.


BEST has been experiencing an unprecedented growth for several years, resulting in achieving a leading position in the receivables management market in Poland. It has been consistently achieving excellent results and expanding the range of its activities. The value of the company on the WSE has increased sixteen times within the last five years, but in the opinion of PwC it is still underestimated.


"The company has excellent prospects for dynamic growth. Its foundations are: advanced­ technologies, high standard of management, effectiveness of activities and an excellent team of professionals. Currently, we intend to successfully transfer our competencies developed on the domestic market onto the international market," said Krzysztof Borusowski.


The consolidation of two large domestic entities creates a unique opportunity to build the value in the same way it was carried out in the most developed markets. The implementation of the above scenario ensures higher returns on investments, cheaper ways of obtaining the capital necessary for further development, and, consequently, the creation of the joint leading operation in Poland and one of the leading entities in the prospective receivables market in Central and Eastern Europe.


BEST is the largest shareholder in Kredyt Inkaso, with 32.99% of the shares.


A presentation reflecting the benefits resulting from the merger of the companies (December 2015):