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Report: AIK Banka's owner pursues mandatory squeeze-out

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Report: AIK Banka's owner pursues mandatory squeeze-out

's mainshareholder, MK Group, is seeking to acquire shares from the Serbian lender'sminority shareholders, Wisebroker reported March 28.

Followingits recent takeover deal, which was completed March 9, MK Group consolidatedmore than 90% of AIK Banka common shares, which under Serbian law allows it tolaunch a compulsory squeeze-out of minority shareholders, the news report noted.

Thecompulsory purchase of shares will be carried out at a price offered during thelast takeover bid, which amounted to 1,800 Serbian dinars for each AIK Bankacommon share.

Duringthe takeover bid launched in February, MK Group purchased 2.3% ordinary shares,0.28% cumulative preferred shares and 1.7% convertible preferred shares of AIKBanka, giving it ownership of 91.9% of the ordinary shares, 87.1% of thecumulative preferred shares and 44.8% of the convertible preferred shares,Wisebroker noted March 11.

As of March 29, US$1 wasequivalent to 109.52 Serbian dinars.