No success threshold has been set for the takeover offer, which was published in today's Delo and will open tomorrow.

MSIN initially held a 65.86% stake in Cetis, but then purchased another 9.32% stake from Kovinoplastika Lož just before publishing the takeover bid.

The other major owners include Slovenian Sovereign Holding (SSH) with a 7.89% share, the state-owned KAD fund with 7.47% of stock and the company Optimus naložbe, which holds a 4.50% stake.

MSIN's moves are coordinated with the latter and the head of Optimus naložbe and one of its owners, Roman Žnidarič, is an executive director at Cetis.

MSIN and Optimus naložbe agreed that after the takeover, Optimus naložbe's share will rise to 5.65%.

Cetis has been classified as a portfolio investment by the state, which means that it is designated for sale.

In the first half of 2017, the latest period for which figures are available, the maker of Slovenian identification documents generated EUR 1.69m in net profit, down 16.6% year-on-year. Sales revenue dropped by 2.1% to EUR 29.21m.

On 8 January, Cetis traded at 53 euro on the Ljubljana Stock Exchange.