PhosAgro Announces that Owners of More Than 11% of Apatit Shares Have Accepted Mandatory Tender Offer
Following completion of payments to shareholders, PhosAgro and affiliated parties’ ownership of Apatit shares will increase to over 95%, which will enable the Company to consider launching a compulsory buyout offer for the remaining shares in Apatit. The precise size of PhosAgro and affiliated parties’ ownership in Apatit will be disclosed following payment for the shares to be bought out, and once ownership rights for the said shares have been transferred to PhosAgro.
The mandatory tender offer was sent by PhosAgro and received by Apatit on 8 November 2012. The offered price, which was determined in accordance with Russian law, was RUB 6,679.9 per ordinary share and RUB 5,344.0 per type A preferred share. The offer period expired on 17 January 2013. VTB Bank provided a bank guarantee securing PhosAgro’s potential liabilities.