You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Shareholder of Romania's Impact ups share price in mandatory takeover bid

Shareholder of Romania's Impact ups share price in mandatory takeover bid

BUCHAREST (Romania), October 7 (SeeNews) - The biggest shareholder of Romanian real estate company Impact Developer&Contractor [BSE:IMP] has increased to 0.22 lei ($0.0674 /0.0496 euro) per share the price of a mandatory takeover bid targeting a 62% stake, the company said.

Romanian businessman Gheorghe Iaciu had initially set a price of 0.16 lei per share.

Iaciu has also modified the number of outstanding shares to 122.1 million from 122.6 million, which he offers to buy between September 26 and October 16 for a combined 26.86 million lei, the real estate developer said in a statement on Friday.

According to Romanian legislation, a shareholder who acquires more than 33% of a listed company's shares is obliged to launch a mandatory takeover bid within two months after exceeding the threshold.

(1 euro = 4.433 Romanian lei)

Compare