The State Financial Supervisory Authority (PSzÁF) announced on Tuesday it had approved a buyout offer for shares of canning company Globus Rt by Union Fermiere Morbihannaise Societe Cooperative Agricole, a unit of France's CECAB, at a price of Ft 460 per share.
Shareholders may offer their shares for 30 days starting two days after PSzÁF's approval. After the transaction is completed, CECAB plans to delist Globus shares from the stock exchange.
CECAB first announced the offer through its unit on February 24, but the purchase was delayed because of an investigation by PSzÁF into insider trading of Globus shares. PSzÁF announced on March 20 it had uncovered no evidence of insider trading, but instructed CECAB to correct inadequacies related to its buyout offer.
CECAB is offering a 31% premium over the minimum price required by the Budapest Stock Exchange (BÉT) for Globus shares, but must acquire 51% of the shares for the offer to be valid. CECAB has also signed an agreement with Globus's biggest owners to acquire all of the remaining shares after the buyout.