MK Group announces takeover bid for Carnex shares

Serbia's MK Group announced today a takeover bid for a 7.08% stake in Vrbas-based Carnex meat industry, offering the price of RSD 2,325 per share.

According to the ad published on the website of the Central Securities Registry (www.crhov.rs), this bid is not conditional and will be open until 20 December 2011.

MK Group announced the takeover bid in association with the broker company MV Investments, Carnex holding from Vrbas, and the company Ashmore Carnex Limited from the Cayman Islands, with which it holds 92.92-percent stake in the Vrbas meat industry.

For the acquisition of the remaining 7.08% of Carnex shares, that is, a total of 115,625 shares, MK Group is ready to pay about RSD 2.7 million.

MK Group announced on November 17th that it haad acquired Carnex, but it did not reveal any detail of that transaction.

The Serbian Commission for Protection of Competition approved on November 11th the acquisition of Carnex shares from Ashmore by MK Group.

Trading in Carnex shares on the Belgrade Stock Exchange started this morning at the price of RSD 2,000 per share, which is the highest price of that security in the last 12 months. Carnex shares hit the highest price of RSD 3,949 on 30 May 2007, while the lowest price of RSD 695 was reached on 8 May 2009.