Albalact is a publicly listed company and has been trading on the main market of the Bucharest Stock Exchange since June 2015 after spending 19 years on the RASDAQ. The takeover by Lactalis, a privately-held company, will have to comply with the rules of the local capital market. More precisely, the capital market law (297/2004) stipulates that a company may be delisted if a bidder (Lactalis in this case) has come to own 95% in it following a tender offer or bought 90% in it through a tender offer.
“How much Lactalis will get above 70% depends a lot on the price it will offer during the tender offer. If the price is attractive, I expect a rush to sell Albalact shares,” says Cristian Dutescu, a lawyer specializing in stock markets.
(English version by Loredana Fratila-Cristescu)