In the bid published in Tuesday's Delo, the company owned by Mlinotest managers, Mlino, is offering EUR 1.10 per share in cash between Wednesday and 31 August.

Mlino already holds 23.07% of Mlinotest stock alone and as much as 77.28% in conjunction with the Ajdovščina municipality (6.2%) and Vipa Holding in liquidation (48.01%).

The takeover bid is thus for the remaining 22.72% of shares. No threshold for the success of the bid has been given.

At the end of June, Mlino, Ajdovščina municipality and Vipa Holding signed an agreement on cooperation in the takeover bid for Mlinotest.

By acquiring 79.64% of the voting rights in Vipa Holding, Mlino is working in concerted action with the bankrupt company. It had already signed a shareholder agreement with the municipality in May 2015.

Ajdovščina initiated the project in 2014 primarily to preserve jobs.

Under the agreement, Mlino will carry financial liabilities and burdens resulting from the takeover.

Mlinotest shares are listed on the standard market of the Ljubljana Stock Exchange. Most recently they traded on 7 July at EUR 4.50.

Mlino's largest shareholder is Mlinotest chairman David Nabergoj. Other partners are board member Danilo Kobal and division managers.

Mlinotest generated a group net profit of EUR 956,000 last year on EUR 57.4m in sales revenue. Revenue was up by 2.1% and profit up 13% from 2014. Net profit was also up in the first quarter of this year.