The four-times extended takeover bid of ALTA Bank (JMBN) did not bring the bidder the expected outcome, considering it increased the ownership stake by just half a percent.
At the end of November, the majority owner of ALTA Bank, Alta Pay Group, announced a takeover bid to minority shareholders who hold 15.8% of the total number of shares. The offer has been extended several times, with an increase in the offer price from the initial RSD 3,750 to RSD 3,754 per share.
The majority owner bought 1,389 shares, or 0.48% of the total number, increasing its stake to 84.7%.
After the takeover bid, Alta Pay is far from the 90% threshold that would allow it to squeeze out shares and delist the bank from the stock exchange.
Alta Pay took control of the bank by purchasing a state-run stake in May 2019, when it bought 28.5% of the shares at RSD 7,207 per share.
Source: Belex, Momentum