Black Sea Montenegro announces takeover bid for brewery Trebjesa.

By bne IntelliNews October 4, 2012
Podgorica-based company Black Sea Montenegro has filed a takeover bid for Montenegro's brewery Trebjesa (TRNK), according to an announcement on the stock exchange. Black Sea Montenegro has offered to buy 179,562 shares with voting rights, representing 25% of the share capital, for EUR 3.59mn or EUR 120 per share. Trebjesa's Board of Director considers the offer acceptable, taking into account that the amount is to be paid in cash and the price per share is above the current market price, and the six-month average price of Trebjesa. The Board of Directors stressed that it has positive opinion on the Black Sea Montenegro's plans for the future business activities. Trebjesa posted a 6.5% annual increase in net profit to EUR 5.56mn in 2011. The company's revenues however dropped by 2.2% on the year to EUR 29.7mn. Total assets also dropped by 16.4% to EUR 37.1mn. In April, Trebjesa, along with other breweries in CEE, was sold to Molson Coors Brewing Company of StarBev, which is also the owner of Black Sea Montenegro.
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