The majority owner of ALTA Bank (JMBN), Alta Pay Group, prolonged the period for the takeover bid for the remaining shares held by minorities in the bank until December 26, the Belgrade Stock Exchange announced.

As was already known, the bidder intends to take over the remaining 15.8% of the shares. If Alta Pay surpasses the threshold of 90% of outstanding shares, it will squeeze out the remaining shareholders.

The success of the takeover bid largely depends on the decision of large shareholders, located in the countries of the former Yugoslavia, which could be the main reason for the extension of the offer.

The takeover bid was increased by one dinar to RSD 3,751, representing 25% of the stock’s book value.

In September of last year, through a takeover offer at RSD 4,351 per share, Alta Pay reached a stake of 76.1%, and later by purchasing shares on the Belgrade Stock Exchange, it seized the current stake.

Source: Belex, Momentum