Mesna Industrija Braća Pivac acting in concert with KRAŠ-ESOP (the company’s second largest shareholder) announced the intent to publish a takeover bid.

Kraš published a document on the Zagreb Stock Exchange stating that their largest shareholder Mesna Industrija Braća Pivac acting in concert with KRAŠ-ESOP (the company’s second largest shareholder) announced the intent to publish a takeover bid.

The mentioned intent for a takeover bid arose as a result of passing the company 25% ownership threshold in accordance to the Company Takeover Act.

Mesna Industrija Braća Pivac has started negotiations with KRAŠ-ESOP regarding the joint action, which should be decided in the following 15 days. In case if the two parties do not reach a joint decision, Mesna Industrija Braća Pivac will publish independently a voluntary takeover bid.

Note that currently two entities together own 49.18% shares of Kraš, of which Mesna Industrija Braća Pivac owns 30.73%.    

The mentioned intent for a takeover bid seems to have transferred to an increase in the share price and turnover as well. As of yesterday, the share price closed at HRK 500 per share, which is an increase of 29.5% compared to the beginning of the month. Meanwhile turnover in the past 3 trading days surged and amounted to HRK 6.6m, which represents 46% of this year’s turnover.