Hanfa Board Meeting: the company PIK-ESOP from Rijeka gets authorisation to take over the company PIK Rijeka

At its 4th session, held on 1 February 2024, the Board of the Croatian Financial Services Supervisory Agency (Hanfa) issued a decision authorising the company PIK-ESOP from Rijeka to publish a takeover bid relating to the acquisition of the company PIK d.d., Rijeka. The price that PIK-ESOP undertakes to pay per share is EUR 17.92 for each ordinary share of the company PIK d.d.

The obligation to publish a takeover bid arose on 13 February 2019, after Gino Pastorčić and Igor Borovac, as persons identified as acting in concert, acquired control over PIK-ESOP, which directly holds the shares of PIK d.d., thereby indirectly acquiring 58,300 shares of PIK d.d., and crossing the 25% control threshold in conjunction with PIK-ESOP, under the Act on the Takeover of Joint-Stock Companies. 58,300 shares of the company represent 28,85% of the share capital, i.e. 28,85% of the shares with voting rights of the company.

In April 2022, Hanfa issued a decision rejecting the previous offer according to which the price per share for all remaining shareholders was 2.8 times lower than the minimum price set by Hanfa under the Act on the Takeover of Joint-Stock Companies. The applicants appealed this decision, but the competent administrative court confirmed Hanfa's decision to be correct.


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