"Evraz Group S.A. announces that Evraz Group through its subsidiaries is commencing mandatory offers to purchase all outstanding shares of common stock of steel mills NTMK and Zapsib, iron ore mining and processing complexes KGOK and VGOK, and the Nakhodka Commercial Sea Port (NMTP)," the company said in a news release.
The offers are made in accordance with Russian legislation allowing a shareholder, who has accumulated more than 95% of a company's stock to make a mandatory offer to minority shareholders to buy out their stake, and increase the total holding in the company to 100%.
Upon the closing of the offers, stockholders will receive 63.72 rubles for each common share of NTMK, 5,604.57 rubles for those of Zapsib, 101.90 rubles for KGOK, 6.02 rubles for VGOK, and 33.00 rubles for each share of NMTP.
The prices have been set based on the opinions provided by independent valuations as required by Russian legislation.
The offers will begin August 14, 2007 and will be valid for 45 days. Payments for the shares will be made within 25 days after the closing of the offer.
Upon completion of the offer, Evraz will own 100% of NTMK, Zapsib, KGOK, VGOK and NMTP.
