Braca Pivac must pay additional EUR 67,000 to Kras shareholders

Mesna Industrija Braca Pivac will pay an additional HRK 579,101 (around EUR 67,180) for the Kras shares.

As said in the announcement published on the Zagreb Stock Exchange, MI Braca Pivac acquired 1,343 shares, that is, a 0.09% share in Kras, for which it paid HRK 430, in a public offer, between October 25 and November 22.

However, on November 23, Kras-ESOP, until then the third largest shareholder in Kras, sold 276,441 shares to Braca Pivac at the price of HRK 861.20.

The obligation of paying out the difference is defined by the Law on Acquisition of Joint-stock Companies, which says that, if the bidder acquires shares of the target company at the price higher than the price in the offer within a year of the expiration of the takeover bid deadline, it is obliged to pay out the price difference to the shareholders that accepted the takeover bid, Poslovni Dnevnik reports.

The payment must be made within seven days of the acquisition.

Mesna industrija braća Pivac d.o.o. Čitluk

KRAŠ d.d. Zagreb

Zagrebačka burza d.d. Zagreb

Kraš ESOP

Kraš shares

Law on Acquisition of Joint stock Companies