December 18 (SeeNews) - The board of directors of Serbian blue-chip Galenika Fitofarmacija [BEL:FITO] has backed a buyout bid submitted by local company Agromarket, the plant protection products maker said.
The price offered by Victoria Group is in line with the regulations governing the acquisition of joint stock companies, Galenika Fitofarmacija said in a filing with the Belgrade Stock Exchange on Tuesday.
You can download the 2023 Agriculture industry in Southeast Europe report here
You can subscribe to our M&A newsletter here
Earlier this month, Agromarket launched a buyout bid for the 33.97% stake it does not already control in 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 offer is valid December 9-30.
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.
(1 euro = 117.489 dinars)