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Oct 18, 2007 10:43 EEST
BUCHAREST (Romania), October 18 (SeeNews) – Minority shareholders in Romanian dairy producer Brailact rejected a buyout offer by investors Theodors Malideros and Antonios Tirpintiris for a combined 2.67% stake in the company, intermediary HTI Valori Mobiliare said late on Wednesday.
Malideros and Tirpintiris, each of them holding a 48.67% stake in Brailact, offered to buy some 2.7 million shares at a price of 0.06 lei ($0.0263/0.018 euro) per share on September 20. The buyout bid expired on October 10.
Under Romanian legislation, holders of more than 33% in a listed company are required to make a buyout offer to the other shareholders.
Brailact's shares last traded at 0.32 lei on the over-the-counter market RASDAQ on October 12, up 88.24% from the previous close.
The company, set up in 1955, owns the Brenac brand.
The Romanian dairy market, where the biggest players are French Danone, German Hochland and Romanian LaDorna and Albalact, is expected to grow to 1.0 billion euro this year from 800 million euro in 2006.
(1 euro = 3.341 Romanian lei)
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