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Frou-Frou in dispute with Muskita

17/06/2011 09:21
Alkis H. Hadjikyriakos (Frou-Frou Biscuits) will take a legal action in order to safeguard its rights from the squeeze out of its subsidiaries that hold shares of Muskita.

According to an announcement released today, “at an extraordinary meeting yesterday, FBI ensured unanimously that it was correct that the public offer was not accepted and decided that the Group’s rights must be claimed in court since the price offered was not regarded either fair or reasonable”.

On June 7, Muskita announced the successful completion of the PO with the total participation of the major shareholders in the share capital of MAI reaching 78,967,013 shares or 95.72% and the intention for a squeeze out.

FBI disagrees with the squeeze out and it was decided that an independent expert will be appointed to determine the fair value of the share, which is regarded as much higher than the offer price.

“Also, it was decided than another firm will be appointed to evaluate the reliability and the correctness of the Deloitte report, which supported the Public Offer, given that the said report clearly says that “it is not in any way an evaluation of the value of shares”, the announcement said.