UPDATE 1-GTC rights issue fails to win backing, Lone Star not to raise bid

April 23, 2015 12:28 PM

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WARSAW, April 23 (Reuters) - Lone Star, the top shareholder in GTC, said it had no plan to raise its bid for additional shares after a rights issue by the real estate developer failed to win backing from shareholders on Thursday.

Private equity firm Lone Star, which owns 32.5 percent of Warsaw-listed GTC, wanted to raise its stake to 66 percent in a tender call. It offered other GTC owners 6.1 zlotys per share.

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