September 22 (SeeNews) - The securities commission of Bosnia's Serb Republic has cleared a planned bid by Bosnia's construction company GP Ljubic to take over local peer GP Gradip [BANJ:GRDP-R-A], Gradip said on Wednesday.
The bidder has to launch the takeover bid within seven days after the approval, Gradip said in a bourse filing.
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Ljubic plans to offer 0.88 marka ($0.53/0.45 euro) per each Gradip share.
It currently holds 1,422,928 Gradip shares, equal to a 41.40% stake in the company.
Gradip's shares last traded on the Banja Luka Stock Exchange on Tuesday, closing flat at 0.88 marka.
The Serb Republic is one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Federation.
(1 euro = 1.95583 marka)