March 30 (SeeNews) - The buyout offer of Slovenia's ‘bad bank’, DUTB, for the 48.77% stake it does not own in local publishing house Mladinska Knjiga Zalozba (MKZ) is too low, Slovenia's association of small shareholders said.
The association is extremely disappointed with the offer and believes that it does not reflect the actual value of MKZ, as it puts the value of the total assets of the company at only 10.96 million euro ($12.2 million), the association said in a statement on Tuesday.
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The offer concerns 600,908 MKZ shares for which DUTB is proposing to pay a total of 5.35 million euro, according to a notice published in the March 29 edition of the Delo daily, the association noted.
The book value of the capital of MKZ as at December 31, 2021, amounted to 30.5 million euro, while the sum offered by the Bank Assets Management Company (DUTB) is 2.13 million euro lower than the funds available on the MKZ's current account at the end of last year, the association of small shareholders noted.
DUTB currently owns a 51.2% stake in the capital of MKZ, while the second largest shareholder is Slovenian company TCK with a share of about 17.8%. MKZ has a treasury stock of 3.3%, while the remainder is owned by small shareholders.
($ = 0.89887 euro)