Takeover Offer for Lon Unsuccessful

The takeover offer for shares of Hranilnica Lon, submitted by Otmar Zorn and the companies Zorn Plus and GIC Gradnje, was accepted by 39 shareholders who owned 12.75 percent of Lon. Since the banking regulator did not grant permission for the increase in stake by the end of the offer period, the takeover offer was unsuccessful.

As stated in today's public announcement in Delo, the offer was accepted by 39 acceptors who owned 28,571 shares. The offer included a mandatory dissolution condition that permission from the Bank of Slovenia or the European Central Bank must be obtained to acquire the shares, which did not happen by the deadline.

The bidders announced the offer for Lon shares on August 8. The offer pertained to all 224,125 shares of Hranilnica Lon, reduced by 92,532 shares that the bidders already own. The offer lasted until October 8, offering 75 euros per share. No success threshold was set.

Before the announcement of the takeover intention in mid-July, Zorn held a 21.03 percent stake, and GIC Gradnje held a 20.28 percent stake. Both largest individual shareholders of Lon have had permission from the Bank of Slovenia since May or June to hold between 20 percent and one-third of Lon's shares.

For approximately a quarter stake that Kylin Prime Group in bankruptcy held in Lon, the bankruptcy office in Switzerland announced that it intends to accept the takeover offer. However, it gave creditors and interested third parties until September 13 to submit a higher offer for the 24.96 percent share package. The outcome is still unknown.