Croatia's Medika deems Auctor Holding's buyout bid low

In late November, Croatia's financial regulator, HANFA, gave Auctor the green light for the launch of the buyout bid at 7,716 kuna ($1,148/1,037 euro) per Medika share.

The management of Medika believes that the proposed price is low since it is equivalent to just 51.75% of the 14,909 kuna average price of Medika's shares during the three-month period preceding the date when the obligation to launch the buyout bid arose, the Croatian company said in a statement with the Zagreb Stock Exchange (ZSE).

The Czech-based trading firm was obliged to launch the buyout bid after it increased its stake in Medika to 42.4% in July. Medika itself owns 9.74% of its shares.

The share capital of Zagreb-based Medika is distributed into 30,194 ordinary shares of 6,930 kuna in par value each, or an overall 209.24 million kuna.

Medika's shares traded 0.62% lower at 16,100 kuna on the ZSE by 1500 local time on Monday.

(1 euro = 7.43916 kuna)