You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Bosnia's Mira management supports Croatia's Kras buyout bid

Author Iskra Pavlova
Bosnia's Mira management supports Croatia's Kras buyout bid Author: Kras. License: All rights reserved

SARAJEVO (Bosnia and Herzegovina), April 2 (SeeNews) - Bosnia's largest pastry producer, Mira [BANJ:MIRA], said on Thursday its management supports the buyout bid launched by Croatian confectionery maker Kras [ZSE:KRAS] for the remaining 24% it does not already own in Mira.

On March 26, Kras said it is offering to purchase all of Mira's shares it does not own at 1.2109 marka ($0.68/0.62 euro) apiece.

The offered price is fair and realistic considering the current economic situation in Bosnia's Serb Republic, where Mira is based, as well as the company's anticipated future results, the Mira management said in a statement with the Banja Luka bourse.

The management also supports Kras's plans for Mira which aim to ensure its continuous operations.

Mira's capital is divided into 18.47 million shares in par value 1.00 marka each. The shares last traded on the Banja Luka bourse on March 10, closing up 19.05% at 1.00 marka.

Kras's shares last traded on the Zagreb bourse on Tuesday, closing up 1.92% at 530 kuna ($76/69 euro).

The Serb Republic is one of the two autonomous entities that make up Bosnia and Herzegovina. The other is the Federation.

(1 euro = 1.95583 marka, 7.62879 kuna)