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Fevital acquires 89.78% of Fevita in buyout offer

Fevital Agriculture Rt announced on Thursday it had purchased 89.78% of frozen foods company Fevita Rt in a buyout offer completed on January 30. Fevital, which was set up by Dél-Pannon Investment and Property to make the purchase, did not acquire enough of Fevita to squeeze out small shareholders under the bourse's rules. Fevital owned no shares in Fevita before the offer.

 

Fevital announced the buyout offer on December 9 at a price of Ft 500 per share. The offer price was 17% higher than the share's 180-day turnover-weighted price, the minimum offer price stipulated under the law. Redol, a company owned by four of Fevita's top managers, was the largest shareholder, holding 43.53% of shares. Fevita had losses of Ft 157 million in the first half of 2005, a sharp drop from losses of just Ft 17 million in the same period a year earlier. First-half revenue was down 12% at Ft 1.75 billion, and operating losses came to Ft 99 million, compared to operating profit of Ft 46 million in the same period a year earlier. Fevita had net assets of Ft 1.5 billion at the end of June.