Pannunity, the new majority owner of listed plastics company Pannunion, has acquired all outstanding Pannunion shares after exercising its squeeze-out option on October 27, the company announced on the website of the Budapest Stock Exchange on Friday.
Pannunity, indirectly controlled by investment funds managed by affiliates of Sun Capital Partners, a US-base private investment firm, obtained 98.8% of the voting rights of Pannunion as a result of a public purchase offer in October.
Pannunity bought 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.
Exercising the squeeze-out option results in the share's automatic delisting from the bourse.