BUCHAREST (Romania), June 7 (SeeNews) – Bucharest-based Electromontaj raised its stake in Romanian cable manufacturer Iproeb to 33.1% from 30.79% following a buyout bid, bourse data showed on Monday.
Electromontaj acquired the additional 2.32% stake for 1.5 million lei ($426,000/356,000 euro), according to data from the over-the-counter market RASDAQ. It bought some 1.1 million Iproeb shares at a price of 1.37 lei per share.
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Electromontaj offered to pay a total of 45.1 million lei in the buyout bid for 69.2% of Iproeb that took place on the bourse between May 12 and June 2.
Prior to the buyout, Electromontaj held a 30.79% stake in the Romanian cable maker and MEI Roemenie En Bulgarije NV Deventer NLD owned 10.36%. Smaller shareholders held the remainder.
Iproeb shares traded down 2.03% at 1.45 lei on RASDAQ by 0705 GMT on Monday.
(1 euro = 4.2185 Romanian lei)