September 5 (SeeNews) - Croatian food wholesaler Zitnjak [ZSE:ZTNJ] said on Monday its CEO, Visnja Kralj, will support the ongoing tender offer by Fortenova, the successor to the collapsed food-to-retail concern Agrokor, for the remaining 8.35% interest that Zitnjak does not already own.
The Zitnjak's management considers the price of 300 kuna ($4/4 euro) per share offered by Fortenova to be appropriate, the company said in a filing to the Zagreb bourse.
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The management also supports the intention of the bidder to continue the company's business without changes in order to make use of its existing capacities to achieve good financial results and it considers that intention achievable, Zitnjak added.
Kralj, who is the only management board member of Zitnjak and the holder of 1 company share representing 0.0005% interest, will accept the offer.
Fortenova is obliged to make the tender offer following the acquisition in June of a 5.02% stake in the company from Split-based Capturis and a 2.06% stake from individual Zvonimir Vukadin. Following these acquisitions, Fortenova holds 91.65% of the company's capital.
The food wholesaler's capital totals 141.9 million kuna distributed in 205,643 shares with a par value of 690 kuna each.
Zitnjak's shares last traded on August 17 on the Zagreb bourse, closing flat at 135 kuna.
Earlier this year, Zitnjak said its net profit rose to 555,000 kuna in 2021, from 394,000 kuna in 2020.
(1 euro = 7.516 Croatian kuna)