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Nov 20, 2017 16:45 EEST
November 20 (SeeNews) - Croatian port operator Luka Rijeka [ZSE:LKRI] said on Monday its management thinks the price of the takeover bid launched by Polish group OT Logistics is appropriate and reflects the fair value of Luka Rijeka's shares.
Considering the 40 kuna ($6.2/5.3 euro) nominal value of the shares of Luka Rijeka, the management considers that the 50 kuna price offered by OT Logistics is appropriate, the company said in a filing with the Zagreb Stock Exchange.
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The management is of the opinion that the intention of OT Logistics to increase the transhipment volume and strengthen the ancillary activities at Rijeka port and the plans of the Polish company to expand the activities of the Bakar terminal are feasible, Luka Rijeka said.
Earlier this month, OT Logistics launched a takeover bid for the remaining stake of 43.39% in Luka Rijeka it does not already own. OT Logistics is offering to pay 50.0 kuna apiece for the 5,849,365 shares in Luka Rijeka it aims to acquire.
OT Logistics increased its stake in Luka Rijeka to 32.56% on September 7, when it acquired an additional stake of 11.75%. A week later, the Polish company concluded a shareholders' agreement with pension funds which own stakes in Luka Rijeka to act together in controlling a combined shareholding interest of 56.61% in the port operator.
(1 euro = 7.56293 kuna)
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