April 28 (SeeNews) - Bosnian metal product manufacturer Steel Mehanika said it launched a buyout bid the remaining shares in local metal profiles and tools maker Metal Gradiska [BLSE:METL] it does not already own.
Steel Mehanika is offering to pay 2.52 marka ($1.36/1.29 euro) per each share of Metal Gradiska it is targeting in the buyout bid, it said in a filing to the Banja Luka Stock Exchange (BLSE) on Wednesday.
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The buyout bid, which was cleared by the securities commission of Bosnia's Serb Republic earlier in April, is valid for a period of 30 days from the announcement date.
Steel Mehanika acquired 707,164 shares, representing an equity stake of 82.45% in Metal Gradiska, for 1.5 million marka in three block transactions on March 14, BLSE data showed.
Metal Gradiska's total share capital is divided into 857,645 shares of 1 marka in par value each.
The takeover target's shares last changed hands in regular trading on March 7, closing flat at 2.52 marka.
Bosanska Gradiska-based Metal Gradiska manufactures metal pipes and profiles, metal furniture, wheelbarrows and tools.
The Serb Republic is one of two autonomous entities that form Bosnia and Herzegovina. The other one is the Federation.
(1 euro = 1.95583 marka)