February 27 (SeeNews) - Cyprus-based company East Point Metals has increased its stake in the capital of Serbian copper mill Valjaonica Bakra [BEL:VBSE] to 93.16% from 80.87% as part of a buyout bid, it said.
East Point Metals acquired 79,039 Valjaonica Bakra shares, or 12.29% stake in the company's capital, it said in a filing with the Belgrade Stock Exchange on Wednesday.
You can subscribe to our M&A newsletter here
East Point Metals launched the bid on February 4, aiming to acquire 123,058 Valjaonica Bakra shares at a price of 2,700 dinars ($25.4/23 euro) apiece until February 24.
Valjaonica Bakra closed flat at 2,700 dinars on the stock exchange on Wednesday as 116 of its shares changed hands.
(1 euro = 117.590 dinars)