December 9 (SeeNews) - The securities commission of Bosnia's Serb Republic said it has approved the buyout bid of local company Spletena Lipa for the remaining stake of 23.4% in fruit and vegetable processing company Vitaminka it does not already own.
Spletena Lipa filed for approval of the buyout bid on November 8, the securities commission said in a statement on Friday.
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The company now has 7 days to publish the buyout bid, offering to pay 0.20 marka ($0.11/0.10 euro) per share, the statement reads.
As of December 9, Spletena Lipa controls 76.6% of Vitaminka, followed by SEE Investment Solutions GMBH with 15.5%, while the remainder belongs to smaller shareholders, according to data by the Banja Luka Stock Exchange. Prior to the acquisition, Swiss group Kreis-Industriehandel AG held a 76.6% stake in Vitaminka.
In July, Bosnia's competition authority approved the plan of local water bottler and beverage producer Vitinka to acquire Vitaminka for an undisclosed sum. Prior to filing for the approval, the two companies had signed a letter of intent on their mutual interest in Vitinka gaining control of Vitaminka, including in the possible establishing of a new special purpose company, the competition council said.
According to Bosnian media reports, Banja Luka-based Spletena Lipa is an affiliate company of Vitinka.
Vitinka is controlled by Banja Luka-based company Sinovi i Oci.
(1 euro = 1.95583 marka)