Cyprus based East Point offers RSD 2,700 for shares of the Copper Mill
Cyprus based company East Point Metals has submitted an offer for the takeover of Sevojno based Copper Mill, in which it holds an ownership stake of 80.9 percent, the brokerage company „Momentum“ announced. Minority shareholders were offered a price of RSD 2,700, which is the estimated value of share that bidder had to make, given that the stock is illiquid under domestic laws. The estimated share value is only RSD 17 higher than the book value of the share from December 31st, 2018. Minority shareholders own 19.1 percent of shares of the Copper Mill, and they can respond to the takeover bid by February 24th. The largest minority shareholder of the Copper Mill is the state-owned Joint Stock Fund, which holds a 9.7 percent stake. If this shareholder accepts the offer, the majority owner will exceed the 90 percent threshold of ownership and acquire the right to forcefully purchase the remaining shares.
Izvor: Beta
Foto: Pixabay
