Russian real estate company Sistema-Hals JSC (HALS.L), Tuesday, said it has received a mandatory offer from JSC VTB Bank (VTBR.L) for purchase of 4.56 million ordinary registered shares in Open Joint-Stock Company, or OJSC, Sistema-Hals of RUB 50 nominal value each, for RUB 736.69 per share.
The company noted that the purchase price offered in the mandatory offer is a fair price and meets the requirements of the Federal Law. Thus, the company recommended the shareholders to accept the offer.
Sistema-Hals added that no information is disclosed in the offer about the plans of VTB Bank with regard to OJSC Sistema-Hals and/or its employees. The mandatory offer acceptance period is 70 days starting from December 28, 2009.
Earlier this month, Russian lender VTB Bank has exercised a call option to acquire 31.5% of Sistema-Hals shares from Sistema for a symbolic price of RUB30, which increased VTB's share in the authorized capital of Sistema-Hals to 51.2%.
In a separate release, Sistema-Hals announced that its shareholders approved the election of Alyona Deryabina, Vice President, Head of Non-core assets of Bank VTB; Sergei Drozdov, Senior Vice President, Head of the Property unit of AFK Sistema; Felix Evtushenkov, Vice President, Head of Consumer Assets Business unit of AFK Sistema; Pavel Kosov, Senior Vice President of Bank VTB; Andrey Nesterenko, President of Sistema-Hals; Evgueny Plaksenkov, Independent Director; and Andrey Puchkov, Deputy President of Bank VTB, to its Board.
HALS is currently trading at US$1.42 per share, down 5.33%, on the London Stock Exchange.
VTBR.L is currently trading at US$4.67 per share, down 0.42%, on the London Stock Exchange.
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