Lisala sp. z o.o., a vehicle fully owned by the WING Group and the majority shareholder of Echo Investment S.A., has announced a voluntary tender offer for all remaining shares of the Polish developer. The offer price is set at PLN 5.20 per share, representing a premium of 0.58% over the six-month volume-weighted average price calculated prior to the notice of intention on 2 October 2026. Subscriptions will be accepted from 30 October to 30 November 2026, with settlement expected on 7 December 2026.
Lisala intends to increase its equity stake in Echo Investment while keeping the company's shares listed on the Warsaw Stock Exchange and preserving its public status. The offeror plans to support the continued development of Echo Investment's existing operations without altering its business profile, and to pursue a policy aimed at building value for all stakeholders.
The tender offer mechanism is required under Polish capital markets regulations. Transitional provisions introduced in 2022 stipulate that shareholders holding more than 50% but less than 66% of voting rights in a public company as at 30 May 2022 must launch a tender offer before increasing their stake further. The voluntary offer therefore allows Lisala to fulfil its regulatory obligations.
"As a strategic, long-term investor, we intend to increase our stake in Echo Investment while keeping its shares listed on the Warsaw Stock Exchange. We view the Company's public status as an important source of transparency and value for all its stakeholders. We will continue to support Echo Investment's long-term growth without altering its business profile," said Noah M. Steinberg, Chairman and CEO of WINGHOLDING Zrt.
The WING Group holds significant positions in the property markets of Germany, Poland and Hungary. It is the majority owner of Echo Investment and of BAUWERT, a residential and commercial property developer in Germany. Across these three markets, the group has a total of 6 million sqm of floorspace in its developed portfolio.
