Lasselsberger squeezes out small shareholders
Monday, July 11, 2005, 00:00
Lasselsberger Ceramics Kft?s voluntary purchase bid for the stocks of Zalakerámia Rt, open from May 17 to July 4 to small shareholders, is now complete. The Austrian strategic investor, which controlled 89.8% of Zalakerámia shares and voting rights at the start of the bid, has acquired nearly 204,000 shares in the transaction and increased its stake to 93.6% as a result. Since the majority owner crossed the 90% threshold in a public bid, it is entitled to force out the remaining minority owners from the company. In line with the Capital Markets Act, Lasselsberger will pay Ft 2,350 per share to small stockholders, which is the higher of the previous bid and the per-share net worth of Zalakerámia (Ft 1,965). Lasselsberger accepts shares for submission between July 13 and July 19.