Last Friday evening, Hungarian logistics giant Waberer’s issued two announcements to its investors: the first one was to inform its shareholders that BDPST Equity, a company owned by the Hungarian Prime Minister’s son-in-law, István Tiborcz, had signed a purchase agreement with MHB Optimum Zrt for 20.99% of Waberer’s shares.
This means that the ownership of Waberer’s does not change per se; MHB Optimum will still own nearly 21% of Waberer’s, but the identity of the owner behind MHB Optimum will change.
This transaction is subject to regulatory approval, because there is an insurance company called Wáberer Hungária Biztosító Zrt that belongs to the Waberer’s group, and an insurance supervision procedure is required in the event of ownership changes.
Once this approval is received, the change in ownership will take effect.
Big shareholders want to buy out the smaller ones
The very same day, another announcement was published on the investor site of Waberer’s. It notified its shareholders about a purchase offer for the four biggest stakeholders (Trevelin, MHB – which could soon be owned by István Tiborcz, HIGH YIELD – owned by György Wáberer and Geraldton) made to the smaller stakeholders.
Approx. 28% of Waberer’s shares are in the hands of Hungarian and foreign private individuals and institutional investors (i.e. investment funds, banks, pension funds, etc.). This buyout offer provides these smaller shareholders with the opportunity to sell their shares to the large owners at the price specified in the offer.
The Capital Markets Act determines the minimum price at which a buyout offer must be made. In this case, it is 2,335.77 Hungarian forints per share, which is the average price of the stock exchange weighted by the turnover of the previous 360 days.
According to Waberer’s announcement, if the four big shareholders manage to grab the rest of the shares, the management of the logistics company and the realization of its strategic objectives will continue to be the responsibility of the current management, led by CEO Zsolt Barna.