Buyout Offer for Waberer's Shares Suspended
Listed Hungarian hauler Waberer's International said on Thursday that its board of directors received a notification that the approval process of a public purchase offer for outstanding shares in the company has been suspended by the National Bank of Hungary for the time of the regulatory approval decision regarding the acquisition of qualified influence over Waberer Hungária Biztosító, which belongs to Waberer's Group.
Waberer's said that once the decision to acquire qualified influence has been taken, the parties making the public purchase offer will inform Waberer's board of directors and the public about the termination of the suspension of the public purchase offer approval.
Minority stakeholders Trevelin Holding, Geraldton Invest, High Yield, and MHB Optimum made a buyout offer for outstanding shares in the company at a price of just under HUF 2,336 per share, the statutory minimum, early in July.
On September 19, Waberer's in an update said that Trevelin Holding and Geraldton Invest were excluded from the list of coordinated bidders, however, as non-bidders remain parties of the cooperation agreement between the minority shareholders.
According to the cooperation agreement, two-thirds of the shares offered for purchase will be purchased by MHB Optimum and one-third by High Yield Vagyonkezelő. MHB Optimum owns 21% of Waberer's shares and High Yield owns 20%.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.