December 13 (SeeNews) - Croatian fruit juice producer Stanic Beverages said it has launched a buyout bid for 24,978 shares, or 1.75% interest in beverages producer Maraska [ZSE:MRSK] that it does not already own.
The bid is valid 28 days following the day of its announcement in the State Gazette and on the Zagreb bourse, Stanic Beverages said in a filing to the Zagreb Stock Exchange (ZSE) on Friday.
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Stanic Beverages is proposing to pay 67.34 ($10.09/8.95 euro) kuna per each Maraska share it wants to acquire.
The country's financial services regulator Hanfa granted approval for the buyout bid on Thursday.
Stanic Beverages has become obliged to make the tender offer following the acquisition of a 98.25% stake in Maraska in September.
Back then, Stanic Beverages signed a deal to buy 647,262 ordinary shares in Maraska, representing 45.345% of the target company's equity capital, with local wafer and biscuit producer Koestlin [ZSE:KOES], as well as a deal to acquire 755,165 ordinary shares in Maraska, or 52.90% interest, with detergent and cosmetics producer Saponia [ZSE:SAPN].
The value of the transactions was not disclosed. Maraska has a registered capital of 99.9 million kuna distributed in 1,427,405 shares with a face value of 70 kuna each.
Maraska's shares closed 12.86% lower at 61 kuna on the ZSE on Friday. Saponia's shares closed unchanged at 810 kuna on Friday, while Koestlin's shares last traded on November 8 when they closed flat at 600 kuna.
(1 euro = 7.519 Croatian kuna)