Serbia's Agromarket launches buyout bid for Galenika Fitofarmacija

Agromarket, owned by Serbian citizen Dusan Mojsilovic, aims to acquire 2,640,000 shares in Galenika Fitofarmacija at a price of 3,050 dinars ($28.7/25.9 euro) apiece, the company said in a filing with the Belgrade Stock Exchange on Friday.

The offer is valid December 9-30.

Agromarket will be acting in the bid together with local individuals Dragan Nenadovic, Milomir Nenadovic and Zorica Nenadovic, who own a 6.86% combined stake in the capital of Galenika Fitofarmacija. Agromarket directly holds a 66.03% stake in the capital of Galenika Fitofarmacija.

The plant protection products maker is one of ten members of the BELEX15 blue-chip index of the Belgrade bourse. It has 2,640,000 listed shares, with a free float factor (FFc) of 48.83%, which account for 12.99% of the total capitalisation of the index.

Galenika Fitofarmacija last traded on the Belgrade Stock Exchange on Friday at a price of 2,909 dinars per share.

(1 euro = 117.617 dinars)