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UPDATE 1-NWR bid for Bogdanka lapses, no new bid planned

Published 11/30/2010, 06:43 AM
Updated 11/30/2010, 06:48 AM

* Support did not meet 75 percent acceptance threshold

* Says committed to other Polish investments

(Adds quote, detail, shares)

PRAGUE, Nov 30 (Reuters) - Czech miner New World Resources walked away from a 3.43 billion zloty ($1.1 billion) bid for Polish coal group Bogdanka on Tuesday after failing to win enough shareholder support.

"At this moment, we are not planning another bid," spokeswoman Petra Masinova told Reuters.

NWR said acceptances for its 100.75 zlotys per Bogdanka share had not met its 75 percent threshold.

Its hostile bid had met resistance from key shareholders and Bogdanka's management, who said the price was too low.

NWR had said its offer was a 13 percent premium to Bogdanka's pre-offer price and it would not raise it but would discuss lowering its 75 percent threshold, and that it believed it could gain a majority.

NWR shares were up 1.5 percent at 209 crowns in Prague at 1115 GMT, while Bogdanka shares were up 0.5 percent at 102 zlotys.

NWR, owner of the Czech Republic's largest hard coal mines, said it remained committed to investments in Poland where it wants to break ground on its 350-400 million euro ($456-$521 million) investment at Debiensko mines this year. (Reporting by Jason Hovet; Writing by Jana Mlcochova; Editing by Dan Lalor)

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