PODGORICA (Montenegro), November 19 (SeeNews) – Black Sea Montenegro, 100%-owned by Interbrew Central European Holding BV (ICEH), has extended to December 2 its buyout offer to the minority shareholders of Montenegrin brewer Trebjesa, ICEH’s parent, Anheuser-Busch InBev (ABI), said.
The original deadline is extended in order to give Trebjesa shareholders time to consider the information in a supplement to the buyout prospectus issued by ABI and CVC and published in the November 17 print editions of Montenegrin dailies Dan and Vijesti, ABI said in a joint press release with private equity fund CVC Capital Partners on Tuesday.
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No official information was immediately available on the number of shares targeted by the buyout.
Black Sea Montenegro has offered to buy out minority shareholders in Trebjesa, Vijesti reported in early November. CVC became a 72.69% shareholder in Trebjesa as part of its acquisition of InBev's operations in central and eastern Europe in October, the daily said at the time.
The supplement has been approved by the Securities Commission of Montenegro, following its decision on November 13 that a supplement should be provided, the press release said.
The published supplement refers to an agreement dated October 14, 2009 between ABI and CVC’s respective subsidiary companies, ICEH and StarBev S.a.r.l. (StarBev).
The agreement sets out the terms on which StarBev will acquire Black Sea Montenegro from ICEH subject to the fulfilment of certain conditions.
According to the agreement, StarBev will pay for Black Sea Montenegro a purchase price equivalent to 40.00 euro ($59.9) per share for each share in Trebjesa currently held by ICEH, and the cost to the Black Sea Montenegro of acquiring any shares in Trebjesa currently held by minority shareholders (i.e., 44.83 euro per share), the press release said.
“Therefore, the minority shareholders in Trebjesa who sell their shares in the offer will in fact receive a higher price per share for their shares (44.83 euro per share) than the price that ABI will receive for ICEH’s shares in Trebjesa (40.00 euro per share). CVC is not paying any premium to ABI for the shares acquired by Black Sea Montenegro in the offer.”