Trebjesa board positive on Black Sea Montenegro takeover bid

“The Board of Directors deems that the type and the amount of the offered consideration is acceptable, having in mind that the consideration is paid fully in cash and that the amount per share is considerably higher than the current stock exchange price, as well as six-month average of stock exchange price of Trebjesa shares,” the brewer said in a bourse filing.

Black Sea Montenegro has priced at 120 euro ($155) per share its takeover offer for Trebjesa, the brewer said after receiving the bid prospectus on Friday.

In August, the Adriatic country's Securities Commission said the obligation to publish a takeover bid was triggered by the acquisition earlier this year by Molson Coors of StarBev, the owner of Black Sea Montenegro which, in turn, holds a 74.66% stake in Trebjesa.

($=0.7735 euro)