In a statement to the Helsinki stock exchange, meat processing company HK Ruokatalo has said that its acquisition of the remaining minority stake in Rakvere Lihakombinaat is progressing as planned.
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Rakvere has submitted an application to the Estonian Central Depository of Securities (ECDS) for the transfer of minority shares to Ruokatalo – who already holds a majority stake in the company.
Ruokatalo is acquiring the shares held by minority stockholders for EEK45.40 (US$3.72) per share.
Rakvere’s minority stakeholders decided to accept Ruokatalo’s buyout offer in mid-July. In order to take 100% ownership of Rakvere, Ruokatalo is purchasing 1.6m shares at a total cost in excess of EUR4.5m.
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