SIF Muntenia’s takeover bid will be carried out between April 9 and 30 and it may rise to 152.67 million lei (EUR34.18 million).
The transaction will be brokered by brokerage firm Swiss Capital.
Early March, Romania’s Financial Supervisory Authority (ASF) urged SIF Muntenia and SIF Banat-Crisana to launch a takeover bid for Biofarm within 15 days, claiming the two investemtn funds are acting in concert.
SIF Banat-Crisana owns a 50.01% stake in SAI Muntenia and 4.99% in SIF Muntenia. SIF Muntenia is controlled by SAI Muntenia.
According to the latest data, SIF Muntenia holds 32.98% of Biofarm and SIF Banat Crisana owns a 21.3% stake. Thus, the two investment funds jointly own over 33% of Biofarm’s shares. Under capital market laws, investors owning over 33% in a company listed on the stock exchange must launch takeover bids to acquire the remaining shares.
Investment fund SIF Moldova also owns a 13.81% stake in Biofarm.
On the Bucharest stock market Friday, Biofarm traded up 2.39% to RON0.3 a share.