March 15 (SeeNews) - Bosnia-based insurer Croatia Osiguranje d.d. Mostar [SAJ:CROSRK5] said on Friday that it plans to use its right to squeeze out minority shareholders in local provider of motor vehicles repair and maintenance services Croatia - Remont [SAJ:CRMCR].
Minority shareholders in Croatia - Remont hold 774 shares, representing a 3.08% stake, among themselves, Croatia Osiguranje said in a filing lodged with the Sarajevo Stock Exchange (SASE).
You can subscribe to our M&A newsletter here
Minority shareholders will be offered a compensation of 50 marka ($27.8/25.6 euro) per share.
Croatia Osiguranje said earlier in March it raised its stake in Croatia - Remont to 96.92% from 83.48% following a buyout bid. Croatia Osiguranje offered 50 marka per share in the buyout bid launched in January.
Croatia - Remont's capital is divided into 25,090 shares with a par value of 85 marka each.
Zagreb-based insurer Croatia Osiguranje controls 97% of its Bosnian unit.
(1 euro = 1.956 marka)
Croatia Osiguranje d.d. is among the biggest insurers in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here