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Metair Investments Ltd application to the capital markets board of Turkey for a MTO


Friday, 20 Dec 2013 12:05am EST 

Metair Investments Ltd:Refers to announcement made earlier, pertaining to, inter alia, the acquisition by the Metair Group of the Mutlu Sale Shares and the remaining shares in Mutlu Plastik and Mutlu Aku.Says closing of the transaction involving the Mutlu Sale Shares which occurred on Dec. 11 has triggered an obligation to make a mandatory tender offer (MTO) to the remaining minority shareholders in Mutlu Aku, as per the regulations of the Capital Markets Board of Turkey (CMB).Says as of Dec. 19, Metair has applied to the CMB to make a MTO to the minority shareholders of Mutlu Aku.Says under CMB regulation, if a change of management control in a public company is triggered through the indirect acquisition of shares, one of the factors used to determine the tender offer price is a valuation report to be prepared by an institution complying with the CMB’s guidelines.Says is Yatirim Menkul Degerler AS (Is Yatirim) has been appointed for this purpose and the valuation report prepared by Is Yatirim for 100 pct of Mutlu Aku corresponds to an equity value of $211 mln (based on USD/TRY rate of 2.0423 as of Dec. 18).Says the price implied by Is Yatirim’s report does not reflect the MTO offer price.Says however, this price is one of the factors that will be used by the CMB in determining the MTO offer price. 

Company Quote

3518.0
-7.0 -0.20%
5:04am EST