After a failed tender offer billionaire Lakshmi Mittal carriedout for Romportmet Galaţi (ROMT) harbour operator during April-Mayperiod, now the group he controls initiated the minorityshareholder withdrawal procedure at a slightly higher price, namely9.6 RON/share, compared with a 9.5 RON price offered several monthsago.
This time, minority shareholders can no longer reject the offer asthey would be locked in the shareholder structure of a closedcompany, as Romportmet will be delisted after the minorityshareholder withdrawal procedure.
"They have high profit margins, they're sitting on a pile of cash,but taking into account 2009 figures, with a massive operatingincome decline, minority shareholders can hardly justify a higherprice. If the company's results returned to 2008 levels, they mayhave regrets," commented a market analyst.
Romportmet is currently one of the wealthiest companies listed onthe market, holding around 171m RON (over 40m euros) in bankaccounts in late 2009.
At the same time, the issuer is one of the most profitable on theStock Exchange, with profit margins even as high as 80% in recentyears.
Mittal owns around 96.1% in Romportmet through ArcelorMittalHolding and Sidex Trading.
The 9.6 RON/share price values Romportmet at around 242m RON (57meuros), close to the company's book value in late 2009, of 241.1mRON.
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