August 7 (SeeNews) - British American Tobacco (BAT) has launched a buyout bid for the 11.82% stake in Serbian subsidiary British American Tobacco Vranje [BEL:DIVR] it does not already own, Serbian brokerage firm M&V Investments said on Tuesday.
BAT is offering to pay 1,020 dinars ($10.0/8.6 euro) per share for the 105,641 shares it does not own in British American Tobacco Vranje, the brokerage firm said in a filing to the Belgrade Stock Exchange.
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The takeover offer is valid until September 10, 2018.
Currently, BAT holds 787,797 of the shares of British American Tobacco Vranje representing a 88.18% stake in the company.
In April, BAT bought 702 shares in the Serbia-based company for 1,000 dinars per share during a takeover bid.
The bidder noted it intends to invest in the further development of the target company.
(1 euro=117.995 dinars)