October 21 (SeeNews) - Serbian wholesaler and retailer of sports goods N Sport said on Tuesday it has launched on the Banja Luka Stock Exchange (BLSE) a buyout bid for Bosnian tool maker Cajavec Alatnica in which it holds 61.64%.
N Sport has offered to pay 1.40 marka ($0.969 /0.716) per Cajavec Alatnica share, it said in a filing to the BLSE. The Bosnian company’s capital is divided into 1,870,079 shares each with nominal value of 1.00 marka. Cajavec Alatnica's shares were last traded on the BLSE at an average price of 1.30 marka on October 17, unchanged from the previous trading on October 15, bourse data showed.
You can subscribe to our M&A newsletter here
N Sport said in the statement that, in case the takeover bid is successful, it will expand Cajavec Alatnica’s operations in Bosnia and the region and will invest in the launch of new products, especially tools and metal structures for the construction industry. The offer expires in 30 days.
In September, N Sport acquired 61.64% of Cajavec Alatnica for 1.1 million marka after buying on the BLSE the shares of the then largest shareholder, individual investor Mirko Cvijic, and shares auctioned by the government of Bosnia’s Serb Republic.
The Serb Republic, where Cajavec Alatnica is based, is one of the two autonomous parts forming war-divided Bosnia. The other is the Muslim-Croat Federation.
The other big shareholders in Cajavec Alatnica are the Serb Republic’s pension and disabilities fund (13.67%), individual investor Davor Damjanovic (9.07%), the Serb Republic’s restitution fund (3.37%) and its health insurance fund (3.24%). The remaining stockholders are Bosnian individuals and companies.
Belgrade-based N Sport is active in the wholesale and retail trade with sports goods and is the official distributor for Serbia, Montenegro and Bosnia of German brand sports Puma. It also sells brands such as Northland, Playlife, Killer Loop, Nike, Tommy Hilfiger, Umbro, Skechers, Asics and Grisport.
(1 euro = 1.95583 euro)