ZF English

QVT and Broadhurst ready to pay 126m euros for Asirom

08.06.2006, 00:00 17

Investment funds Broadhurst and QVT, the main minority shareholders of Asirom, have submitted documents to the National Securities Commission (CNVM) for a tender offer to buy Asirom shares, which evaluates the entire company at 126 million euros. Documents are now pending endorsement from CNVM. The two funds intend to offer 0.7 RON/share, according to sources close to them. The price, which was submitted in a sealed envelope, is twice as high as the price Asirom offers - based on an evaluation report, to the minority shareholders that do not agree with a decision for delisting made by the majority shareholder, InterAgro, and approved by the General Meeting of Shareholders this spring. "CNVM continues to refuse to accept the tender offer submitted by QVT and Broadhurst. The Commission protects the plans of the majority shareholder InterAgro that are destructive for the other shareholders and continues to make excuses such as not having (received) all the necessary documents," stated Angelo Moskov, QVT manager. He says CNVM asked them to sign a statement whereby agreeing with Asirom''s delisting. CNVM neither confirmed nor denied the information about the submission of a tender offer by the two funds yesterday. "The intention to put out a tender offer is confidential information until the offer becomes public," stated Ciprian Ene, CNVM''s spokesman. ZF

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