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Voluntary buyout offer for Latvijas Balzams shares ends without result.

RIGA -- The voluntary buyout offer for shares in Latvijas Balzams distillery made by the company's largest shareholder, Amber Beverage Group, has ended without a result, according to the statement submitted to the Nasdaq Riga stock exchange.

The buyout offer, which was valid until March 16, 2016, has expired because the condition set by Amber Beverage Group's had not been met, namely, the number of shares offered for buyout was below 3 per cent of the total number of Latvijas Balzams shares.

The intention of Amber Beverage Group was to acquire at least 224,907 shares in Latvijas Balzams distillery, or a 3 per cent stake, through the voluntary buyout offer. When making the buyout offer, the company made it clear that the offer would become null and void if Latvijas Balzams shareholders agreed to sell a smaller amount of shares.

Amber Beverage Group already held 6,746,460 shares or 89.99 per cent in Latvijas Balzams before the voluntary buyout offer during which it proposed to buy the shares at the price of 9 euros per share .

The preliminary results of Latvijas Balzams for 2015 show that the company had made a profit of 7.055 million euros, down 11.4 per cent from 2015, on a turnover of 73.42 million euros, up 0.5 per cent year-on-year.

Latvijas Balzams, founded in 1900, is the largest producer of alcoholic beverages in the Baltic States with a range of more than 100 different products. Shares in Latvijas Balzams are quoted on the Secondary List of the Nasdaq Riga stock exchange.

Caption: NATIONAL DRINK: Latvijas Balsams failed to complete its planned shareholder buyout.

BNS/TBT Staff

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Title Annotation:BUSINESS
Publication:The Baltic Times (Riga, Latvia)
Geographic Code:4EXLA
Date:Mar 24, 2016
Words:276
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