Doprastav Bohemia, which recently acquired a majority stake in Metrostav, and which currently owns 75.20% of the company, today published details of a buy-out offer for minority shareholders, valid from today (October 25) until December 29, 2000. The offer is, in our view, disappointing. The buy-out price stands at CZK 135 per share, which means that the price for the majority stake was not included in the calculation of the buy-out offer. The payment will be made by September 30, 2001. For any delay in payment beyond January 15, 2001, Doprastav will pay interest at 4% per annum in addition to the CZK 135 per share.