American investment fund Broadhurst has announced plans to put out a tender offer for Panificatie Postavarul Brasov. The fund holds Ramnicu Valcea-based Vel Pitar, one of the leading bread producers on the domestic market, created by the merger of several bread factories, acquired by the investment fund. Broadhurst already holds 45% in Postavarul and the offer targets the rest of the shares. The minimal price the fund is offering is 54,000 ROL/share, and the total offer is worth 28bn ROL ($0.9 million). Postavarul shares, listed on RASDAQ, have fluctuated between 37,000 and 58,000 ROL over the last 12 months. Postavarul's most important shareholder after Broadhurst is an individual investor, Viorica Orzan, who owns 33% following the disappearance of the Employees Association, which held 40%. ZF
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