The Koprivnica-based paper packaging manufacturer Bilokalnik-IPA is moving to squeeze out minority shareholders, as stated in the notice for the General Assembly to be held on March 19. The announcement was published on the Zagreb Stock Exchange website, stating that minority shareholders will receive €57.17 in severance pay.
The squeeze-out is a result of the fact that the Austrian company DS Smith Packaging South East directly and indirectly holds 97.4% of the shares in Bilokalnik-IPA. Specifically, the subsidiary DS Smith Belišće Croatia controls 60.8% of the shares, while the Austrian company holds 36.6%. The remaining minority shareholders hold a total of 2.6% of the shares. According to the notice for the assembly, the appropriateness of the severance pay was examined by a court expert. The last trading of Bilokalnik-IPA shares occurred on January 24 of this year, with a price of €45.
After the squeeze-out, it seems that the shares will also be delisted from the Zagreb Stock Exchange.
