April 15 (SeeNews) - The Croatian Financial Services Supervisory Agency (HANFA) said that three shareholders of local food producer PIK Rijeka are obliged to launch a takeover bid for the company because they acted jointly in acquiring their stakes, the sum of which exceeds the regulatory threshold of 25%.
The Rijeka-based PIK-ESOP company and individual shareholders Gino Pastorcic and Igor Borovac, who controlled 28.85% of PIK Rijeka among themselves as of February 13, 2019, have to submit a request with HANFA to approve their buyout bid for PIK Rijeka within 90 days after the decision, the financial regulator said in a statement on Thursday.
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HANFA explained that Pastorcic and Borovac had jointly acquired control of PIK-ESOP, which directly owns 58,300 shares in PIK Rijeka representing 28.85% of the food producer's total share capital.
PIK Rijeka was established in 1947. The company produces dairy products, bakery products and pasta. It employs about 200 people, according to company data.
The company delisted its shares from the Zagreb Stock Exchange in January, bourse data shows.