March 14 (SeeNews) - Croatian diversified holding company Tankerkomerc said on Wednesday it supports the buyout bid launched by the local wholesaler and retailer of oil products Crodux Derivati Dva for the 66.05% stake in Tankerkomerc it does not already own.
Tankerkomerc finds the price of 130.0 kuna ($21.6/17.5 euro) per share offered by Crodux Derivati Dva fair, it said in a Zagreb bourse filing.
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Crodux Derivati Dva aims to acquire the 22,576 shares of Tankerkomerc it does not already own.
Tankerkomerc explained it is in a dire financial situation due to indebtedness, with its accumulated debt several ti,es larger than its capital.
It noted it supports the buyer's intentions to continue with the company's financial consolidation and understands the limitations on future investments, expressed by Crodux Derivati Dva, imposed by the company's current state and the court proceedings it is involved in.
The company added it hopes the court proceedings will resolve in its favour, paving the way for future development under the command of Crodux Derivati Dva.
Crodux Derivati Dva launched the buyout bid on March 9, after on January 19 it raised its stake in Tankerkomerc to 33.95% from 23.08%.
The takeover offer is valid for 28 days.
Crodux Derivati Dva was formerly known as OMV Hrvatska and was part of Austria's OMV group. In 2013 it was taken over by Crodux Plin Group.
(1 euro=7.44473 kuna)