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.
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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)