DS Smith Packaging plans squeeze-out at Croatia's Bilokalnik-IPA

DS Smith Packaging South East, with a direct and indirect ownership stake of 97.39% in Bilokalnik-IPA's capital, has proposed to pay a compensation of 57.17 euro ($61.20) per share to acquire all of the remaining shares without any financial obligations, Bilokalnik-IPA said in a filing to the Zagreb bourse.

The shareholders will vote on the proposal on March 19.

Bilokalnik-IPA's capital of 19.98 million shares is divided into 499,582 shares with a par value of 40 euro each. Minority shareholders own 13,064 shares representing 2.61% of the company's capital.

Shares of Bilokalnik-IPA last traded on January 24 on the Zagreb bourse, ending 4.26% lower at 45 euro. The stock exchange put them under monitoring on Wednesday morning after the squeeze-out proposal was announced.

($ = 0.934 euro)