May 31 (SeeNews) - Bosnian brewer Banjalucka Pivara [BANJ:BLPV-R-A] said on Wednesday that iInvestment fund Altima UK Value Investments Limited is launching a buyout bid for the 9.5% stake in the company it does not already own.
Earlier this month, Altima had transferred its 83.7% stake in the brewer to its wholly owned Banja Luka-based subsidiary Draft, while keeping a 6.8% stake for itself, the brewer said in a Banja Luka bourse filing.
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Now, Altima is seeking to take over the remaining 9.5% stake it does not own, either directly or indirectly, by squeezing out the minority shareholders.
The investment fund is proposing to pay 1.6 marka ($0.9/0.8 euro) per share for the 2,116,253 shares it does not hold.
The squeeze out proposal will be put to a vote at an extraordinary shareholders meeting of Banjalucka Pivara scheduled for June 19.
Altima UK Value Investments Limited is based on the Cayman islands. It is, currently, the indirect owner of 18,658,935 ordinary shares in the company, and owns directly 1,524,812 preference shares.
(1 euro= 1.95583 marka)