Pannunity to exercise squeeze-out option in Pannunion
Pannunity, the new majority owner of listed plastics company Pannunion, will exercise its option to buy all outstanding Pannunion shares, the company announced on the website of the Budapest Stock Exchange on Thursday.
Pannunity, indirectly controlled by investment funds managed by affiliates of Sun Capital Partners, a US-based private investment firm, obtained 98.8% of the voting rights of Pannunion as a result of a public purchase offer earlier in October.
Pannunity will buy the outstanding shares at HUF 210.32 per share, the same price as the one in the public bid. Shareholders have between October 27 and November 4 to transfer the shares to Pannunity.
Pannunity acquired a 95.3% stake in Pannunion from PannErgy in a public bid in the summer.
Exercising the squeeze-out option will result in the share's automatic delisting from the bourse.
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