EnglishBucharest-based "Electromontaj" SA, which owns 30.79% of cable maker "Iproeb" Bistriţa, announced this week that it would launch a voluntary takeover of the company, at a price of 1.37 lei/share, 27.8% below the market price.
The documentation for the takeover bid was approved by the Romanian National Securities Commission (CNVM). According to the document, "Electromontaj" intends to acquire 32.92 million shares, or 62.91% of the capital of Iproeb. The total value of the bid is 45.1 million lei. The bid made by "Electromontaj" SA puts the market value of Iproeb at 65.17 million lei. The takeover will be managed by brokerage firm Confident Invest.
Shareholders of "Iproeb" Bistriţa includes the fund MEI Roemenie en Bulgarije, which owns 10.36% of the stock, with the remaining stock being owned by small shareholders.
"Electromontaj" Bucureşti specializes in the construction of public utilities projects for electricity and telecommunications, and is controlled by several shareholders, one of them being the chairman of the Board of Directors, Mihai Otto Valeriu, which owns 15% of the shares.
"Iproeb" ended the first quarter with a profit of 1.42 million lei, which stagnated YOY, whereas revenues increased 30.7% from 20.5 million lei to 26.8 million lei.
Expenses increased 32.8%, to 25.1 million lei, from 18.9 million lei in Q1 2009. The company"s turnover increased 41.5%, from 19.5 million to 27.6 million lei.
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