February 14 (SeeNews) - Austria-based DS Smith Packaging South East has proposed to squeeze out the minority shareholders at Croatian paper packaging manufacturer Bilokalnik-IPA [ZSE:BLKL], the latter said on Wednesday.
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 ($61.20) per share to acquire all of the remaining shares without any financial obligations, Bilokalnik-IPA said in a filing to the Zagreb bourse.
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The shareholders will vote on the proposal on March 19.
Bilokalnik-IPA's capital of 19.98 million shares is divided into 499,582 shares with a par value of 40 euro each. Minority shareholders own 13,064 shares representing 2.61% of the company's capital.
Shares of Bilokalnik-IPA last traded on January 24 on the Zagreb bourse, ending 4.26% lower at 45 euro. The stock exchange put them under monitoring on Wednesday morning after the squeeze-out proposal was announced.
($ = 0.934 euro)