The steering board of the Croatian Financial Services Supervisory Agency (HANFA) on Wednesday allowed the Vrgorac-based meat processing company Pivac to publish its bid for the takeover of the Zagreb-headquartered Kras confectioner at HRK 430 per share.

A statement released by the regulator reads that on 9 September 2019, the day on which the obligation arose for Pivac to make public its bid, the equity of the sweets and chocolate maker stood at HRK 599.45 million and was divided into 1,498,621 ordinary shares with a nominal price of HRK 400.

On that day, Pivac already held 460,522 shares of Kras, or 30.73% of the company’s equity.

Considering the trends in prices of Kras shares, HANFA established that the price cited in Pivac’s offer, that is HRK 430 per share, was in compliance with the law on acquisitions.

As soon as the press release was issued by HANFA, Pivac notified the Zagreb Stock Exchange (ZSE) about its bid to take over Kras for HRK 430 per share.

Pivac underscored in its statement that it was acting independently. The bid will remain valid for a period of 28 days since its publication in the Official Gazette and on the ZSE website.

(€1 = HRK 7.43)