Pivac moves to squeeze out Kraš minorities at €130 a share

What's the deal? Pivac Holding, acting jointly with Kappa Star Limited, has launched a squeeze-out to acquire the remaining shares in Croatian confectionery maker KrašDealroom has a profile for this one. Try Dealroom →, offering minority holders €130 per share. The move follows a completed takeover that lifted the pair's stake to 97.15%.

Why now? By crossing the 95% legal threshold of voting rights, Pivac and Kappa Star gained the right to force a transfer of the remaining shares. It has filed the request with the Central Depository and Clearing Company (SKDD).

What are the terms? Pivac Holding and Kappa Star jointly hold 1,364,545 shares, while minority shareholders retain 40,007 shares, or 2.85%. Those holders will receive €130 per share, matching the price set in the earlier takeover bid, which the Croatian Financial Services Supervisory Agency (Hanfa) approved in June.

What's the endgame? Full control simplifies governance, according to Pivac Holding management board member Ante Šalinović. It opens room for "a stronger focus on its long-term development and a stronger investment cycle, while preserving its market position," he said (translated from Croatian).

The signal: Taking a listed heritage brand fully private removes the friction of minority stakes and public-market obligations, giving the owners a freer hand to reinvest. For Kraš, one of Croatia's best-known industrial names, it marks the close of its life as a publicly traded company.

Read more: vecernji.hr

Image credit: Kaja.A