September 17 (SeeNews) - Croatia's financial services regulator Hanfa said it has granted approval to local tourism and real estate company Pervanovo to launch a buyout bid for the remaining 69,841 shares, or 1.32%, of Croatian wood processor Spacva it does not yet own.
The price that Pervanovo has to pay in the buyout bid is 50.80 kuna per share ($7.97/6.77 euro), Hanfa said in a statement released on its website on Thursday.
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Pervanovo holds 5,206,681 shares in Spacva, equal to 98.68% of its equity capital.
Spacva's capital totals 105.5 million kuna, distributed in 5,276,522 ordinary shares with a par value of 20 kuna per share.
Pervanovo was obliged to make the buyout bid after on June 1 it acquired 4,000,000 Spacva shares from Quaestus Private Equity Kapital II, an investment fund in liquidation, 1,000,000 Spacva shares from commercial bank Hrvatska Postanska Banka and 206,681 Spacva shares from investment fund MWM 1.
The price which will be offered in the buyout bid equals the price which Pervanovo paid for the shares it owns in Spacva.
Spacva's shares traded at 43 kuna on the Zagreb bourse on August 23, unchanged from the previous closing price.
On Friday, the bourse put the shares under monitoring due to Hanfa's decision to approve the buyout bid.
(1 euro=7.507 Croatian kuna)