Global City Holdings launches $265 million stock repurchase

Client(s) Global City Holdings N.V.

Jones Day advised Global City Holdings N.V. ("GCH"), a public limited liability company listed on the Warsaw Stock Exchange, on the launch of its PLN 990,698,853 (approximately €237.7 million/ US$265.4 million) buy back offer to repurchase the GCH shares held by minority shareholders. The purpose of the repurchase offer was to delist GCH's shares from the Warsaw Stock Exchange.

The number of shares tendered for sale amounted to 42.27% of all of the effective votes at the general meeting of the Company, which satisfied the condition stipulating that at least 27.9% of all the effective votes at the general meeting of the shareholders of the Company be acquired. Consequently, all of the conditions set out in the Tender Offer have been fulfilled. The majority shareholder and the Company now jointly own 99.75%.