Mavota Acquires Medika

The Croatian Financial Services Supervisory Agency (Hanfa) has approved Mavota’s announcement of a takeover bid for Medika at a price of 7,309.83 kuna per share.

For Mavota and the individuals acting in concert with it, the obligation to acquire Medika arose on May 12 of this year when Mavota, Pliva, and Medika entered into a Joint Action Agreement, and Mavota is also acting in concert with Jasminka Herceg, a member of Medika’s Management Board, as stated in the explanations of Hanfa’s decision. Mavota and the individuals acting in concert with it hold a total of 19,152 shares of Medika, representing 63.43 percent of the share capital, or 61.58 percent of the votes from the total number of votes conferred by Medika shares with voting rights. The price expressed in the takeover bid of 7,309.83 kuna per share was determined in accordance with the provisions of the Companies Act on Takeovers, as stated in Hanfa’s decision. It is also noted that, based on the confirmation from the Central Clearing and Depository Company (SKDD), submitted with the request for approval of the takeover bid, it was established that the bidder, in order to secure compensation for the payment of shares that are the subject of the takeover bid, has allocated funds to a special SKDD account for the benefit of individuals who will deposit their shares in the takeover bid.

Medika’s share capital is divided into 30,194 ordinary shares, so since the bidders already hold 19,152 shares, the takeover bid pertains to the remaining 11,042 shares, and given the price of 7,309.83 kuna for those shares, they need to secure just over 80.7 million kuna. Medika shares were last traded on the Zagreb Stock Exchange on May 25, with the last price being 8,250 kuna. This is also the highest price at which Medika shares have been traded this year, while the lowest last price was 6,556.01 kuna. However, during this year, Medika shares have been traded very little on the Exchange, most often with less than five shares traded daily, and the highest turnover was achieved on April 19 when 22 Medika shares were traded, resulting in approximately 157 thousand kuna in turnover for that share. (H)