March 13 (SeeNews) - The securities commission of Bosnia and Herzegovina's Serb Republic cleared a planned takeover offer for tobacco producer Duvan Bjeljina [BANJ:DUVN-R-A] by its biggest shareholder, Svetozar Mihajlovic, Duvan said.
The clearance prohibits the bidder from buying any more shares in Duvan, except through the takeover bid, until the offer is completed, Duvan said in a filing to the Banja Luka Stock Exchange (BLSE) on Friday.
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Mihajlovic plans to offer 0.215 marka ($0.117/0.110 euro) per each Duvan share in the planned takeover bid. Mihajlovic currently owns 1,485,402 shares in Duvan, representing a 29.998073% stake.
Other big shareholders include local company Agro-Star, which owns a 23.8% stake, Zeljko Savic with a 21.5% stake and the management company of the Serb Republic's Pension Reserve Fund with a 7.1% stake.
Duvan's share capital is divided into 4,951,658 shares with a par value of 1 marka each.
The company's shares last traded on the Banja Luka bourse on February 2, closing 17.65% higher at 0.20 marka.
The Serb Republic is one of two autonomous entities which form Bosnia and Herzegovina. The other one is the Federation.
(1 euro = 1.95583 marka)