Slovenia's Vipa Holding management supports buyout bid by Mlino

"The management of the target company, based on the information in the takeover offer and the prospectus for the purchase of shares of Vipa Holding and all the information provided, assesses that the implementation of the takeover offer is in the interest of the target company," Vipa Holding said in a filing with the Ljubljana Stock Exchange.

Mlino launched on November 22 a buyout bid for the 896,415 ordinary shares in Vipa Holding it does not yet own, or 12.2% of the total issued amount, at a price of 0.30 euro apiece.

"The acquirer is the largest shareholder of the target company and currently holds 87.80% of the shares. By carrying out the acquisition process, the acquirer will further consolidate the ownership structure of the target company, which will make the management of the target company even more efficient," Vipa Holding said.

Mlino does not plan to restructure, combine business functions or change the location or headquarters of the target company's operations and that the takeover offer will not affect the existing management of the target company and the positions of employees, as the target company has no employees, Vipa Holding added.

The takeover bid is valid November 22-December 20.