Russian real estate company Sistema-Hals JSC (HALS.L: News ), Tuesday, said it has received a mandatory offer from JSC VTB Bank (VTBR.L: News ) for purchase of 4.56 million ordinary registered shares in Open Joint-Stock Company, or OJSC, Sistema-Hals of RUB 50 nominal value each, for RUB 736.69 per share.
The company noted that the purchase price offered in the mandatory offer is a fair price and meets the requirements of the Federal Law. Thus, the company recommended the shareholders to accept the offer.
Sistema-Hals added that no information is disclosed in the offer about the plans of VTB Bank with regard to OJSC Sistema-Hals and/or its employees. The mandatory offer acceptance period is 70 days starting from December 28, 2009.
