11th Jul 2016 07:27
LONDON (Alliance News) - Reconstruction Capital II Ltd Monday said major dairy manufacturing firm Lactalis is obliged to make a voluntary takeover bid for Romanian dairy company Albalact, which could lead to the London-listed company securing EUR17.0 million for its 25% stake.
Lactalis agreed to acquire a 70.3% stake in Albalact from Reconstruction Capital and other shareholders back in January this year and has now fulfilled the necessary conditions to complete the deal.
Lactalis is now obliged to make a takeover offer for the entire company, which last Friday was valued at RON407.3 million, around GBP77.0 million, and Reconstruction Capital's 25.4% stake was valued at around RON70.4 million - equal to EUR16.9 million or GBP13.3 million.
Reconstruction Capital shares were up 3.0% to 0.215 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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