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.