The delisting will follow a squeeze-out by the state of Hungary in January. All shares that were not sold to the Hungarian National Asset Management Company (MNV) will be invalidated on February 10.

The MNV exercised its squeeze-out right after boosting its stake in Kartonpack in a mandatory public purchase offer ended December 9 from 91.41% to 91.46, acquiring 283 shares.

MNV had offered HUF 2,535 per share in the buyout. The price was determined based on net assets per share, as trade in the shares had been suspended for more than a year.

The board recommended shareholders accept the buyout offer and said the offer price was "fair from a financial perspective based on the opinion of independent financial experts", and that the state's plans for operating the company were "basically in line with" Kartonpack's business targets and operating strategy at the time.

The offer was also backed by Kartonpack's employees as the state planned no changes impacting Kartonpack's workers, working conditions or the management.

Deutsche Balaton AG owned 7.88% of Kartonpack's shares and 0.66% was in free-float on December 11, 2021, the latest data on the bourse's website shows.

Kartonpack said in July 2020 that it had entered the state of Hungary as the owner of a 61.82% stake in its share registry after the Budapest Court of Appeals ordered the confiscation of the shares from Kartonpack's majority owner in a binding decision on a tax case. The court ruled on the confiscation of all of the assets of Britton Capital and Consulting Kft, including its majority stake in Kartonpack.

MNV informed Kartonpack at the time that a public purchase offer for the outstanding shares of the company – which the acquisition of the stake would normally trigger – was not possible as a transparent price could not be determined because of the invalidity of Kartonpack's 2019 annual report.

Trade in Kartonpack shares was suspended on May 11, 2020, after the company missed the deadline to publish its audited 2019 report.

The state exercised oversight at Kartonpack in the spring of 2020, using state of emergency powers in force because of the pandemic. Kartonpack later acknowledged measures the state's oversight commissioner had taken allowing the company to fill a growing stock of pharmaceutical sector orders while maintaining appropriate levels of liquidity.

The suspension of trade of Kartonpack shares was lifted on December 3, 2021. Turnover of the shares has been sparse since. The share closed at HUF 6,650 on February 2.

Kartonpack shares will last trade on February 7.