MOL’s offer of 2,800 kuna per INA share did not receive much response in the first week. Out of three million shares available on the market, MOL managed to collect only 700. However, it is still early for a final assessment.
MOL’s public offer lasts until October 3, and until September 23, shareholders can hope for a counteroffer or an improved offer from MOL. There is still calm at the Central Depository Agency. However, Vesna Živković, the CEO of SDA, is ready for a possible storm. It is still unknown how many of INA’s 59,000 shareholders will respond to MOL’s offer, but so far only a few have. It is no surprise that only a few shareholders have accepted the offer so far; it is customary that the largest influx occurs in the last 10 days, much to our regret, Živković emphasized.
All 59,000 INA shareholders have received precise instructions at their home addresses on what to do if they wish to sell their shares to MOL. Completed forms must be submitted at a special SDA counter in Zagreb or sent by mail no later than October 3. Those who will send the offer by mail must have it notarized, but interestingly, this cost will be covered by Hungarian MOL.
MOL would pay the notary fees to the current account along with the payment for the shares, two weeks after the public offer, specifically on October 17. Of course, the often-mentioned but still non-existent counteroffer from OMV or another company would postpone all deadlines. Shareholders should keep in mind one more option. If the government agrees with MOL on a share exchange at a price higher than that of the public offer, which is currently 2,800 kuna, MOL would be obliged to compensate everyone for the price difference. However, this condition will only apply if the government arranges the exchange within one year after the conclusion of the public offer. (H)
