Bivideon’s buy-out to minority shareholders at 440 CZK is to be completed tomorrow, September 9. The price of the offer is approximately in line with our fair value estimate of the Cra of 453 CZK per share. We believe that the buy-out offer may be a preferable option to minorities given lack of transparency of the majority owner together with likely de-listing of Cra’s shares. These factors should be considered by investors wishing not to exercise the buy-out option.
Tomáš Gatěk