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Serbia's Sojaprotein board backs Victoria Group's buyout offer

Author Radomir Ralev
Serbia's Sojaprotein board backs Victoria Group's buyout offer Author: Sojaprotein. License: All rights reserved.

BELGRADE (Serbia), March 15 (SeeNews) - The board of directors of Serbia's Sojaprotein's [BEL:SJPT] has backed a buyout bid submitted by agro-industrial conglomerate Victoria Group, the blue-chip soybean processing company said.

The price offered by Victoria Group is in line with the regulations governing the acquisition of joint stock companies, Sojaprotein said in a filing with the Belgrade Stock Exchange on Thursday. 

Trade unions, however, see the price offered by Victoria Group as too low, Sojaprotein's trade union said in a separate bourse filing. However, the trade unions back the business plan proposed by the bidder. 

Earlier this month, Victoria Group launched a buyout bid for the 31.82% stake in Sojaprotein it does not own yet. Victoria Group aims to acquire 4,389,459 shares in Sojaprotein at a price of 177.4 dinars ($1.7/1.5 euro) apiece.

The offer is valid during March 6 - 26.

In July, Sojaprotein said its shareholders approved a 3.792 billion dinars capital reduction to cover part of the loss recorded in 2017. Sojaprotein said in May its net loss widened to 6.5 billion dinars in 2017 from 383 million dinars in the prior year.

(1 euro = 118.081 dinars)