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.

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.