ZE PAK stock holds at PLN 18.34 as buyout plans emerge

ZE PAK (ISIN PLZEPAK00012) faces a planned PLN 18.00-per-share buyout for 17,299,636 shares. According to PAP MediaRoom on October 2, 2026, Argumenol Investment notified ZE PAK of its intention to seek all remaining shares, equal to 34.04 percent of the company.

Buyout terms set the frame

Argumenol already held 65.96 percent of ZE PAK when it announced the plan. The notification says the buyer intends to pursue a squeeze-out and delisting if its stake reaches at least 95 percent of voting rights, while the detailed terms will appear in the tender document after regulatory review.

The PLN 18.00 offer compares with ZE PAK's last price of PLN 18.34 on October 7, 2026, a difference of PLN 0.34 per share. The proposed consideration therefore sits below the latest quoted level, while the transaction value for all 17,299,636 shares would be PLN 311.4 million.

Half-year losses remain visible

Bankier.pl reported that ZE PAK's consolidated first-half 2026 revenue was PLN 570.271 million, down from PLN 644.469 million in the first half of 2025. The operating loss widened to PLN 67.829 million from PLN 56.249 million.

The net loss, however, narrowed to PLN 53.579 million from PLN 79.566 million, a PLN 25.987 million improvement. Operating cash flow reached PLN 119.822 million in the six months ended June 30, 2026, while total liabilities stood at PLN 2.870 billion at that date.

Stock stays below yearly high

ZE PAK is shifting away from continuous lignite-based power production while financing lower-carbon projects. The first-half figures show the tension in that transition: revenue contracted by 11.5 percent, even as the net loss improved by 32.7 percent year over year.

ZE PAK stock was last at PLN 18.34 on GPW on October 7, 2026 at 4:59 p.m. CEST, unchanged from the prior close. Its 52-week range was PLN 15.50 to PLN 24.50, leaving the latest level below the yearly high.

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