Holding company Bankár Holding Zrt announced on Friday it would exercise its right to squeeze out remaining shareholders in property developer Skoglund Nyrt after it raised its stake above 90% in a buyout offer ended October 2.
Bankár announced on Wednesday that it raised its stake from 83.72% to 98.47% in Skoglund in the public purchase offer. In line with regulations, Bankár is offering to pay the same Ft 1,810 per share in the squeeze-out, which will take place October 9-20, as it paid in the public offer. Bankár said earlier it would exercise its right to squeeze out smaller shareholders if the buyout offer was successful.
The outstanding Skoglund shares not offered by October 20 will be invalidated and the company will replace them with newly issued shares. The owners of invalidated shares will be entitled to the price at which these newly issued shares are sold minus eventual deductions.
Skoglund merged with Sasad Zrt, a far bigger real estate company in March. The merger was intended to serve as a backdoor listing for Sasad, observers said at the time, as Skoglund is listed in the Budapest Stock Exchange's Category B. The new Skoglund shares issued in conjunction with the merger have not yet been listed on the bourse.
Skoglund had net assets of Ft 556 million and Sasad Ft 10.2 billion at the end of 2005. Bankár's owner, Gábor Kovács, with 99.96% of the company's shares, is the chairman of Skoglund's board.