The two companies that published the takeover intent three weeks ago, Inovatis and Hidria, have acquired roughly 1.75% of the stock of H&R, the company that effectively controls Hidria, from small shareholders, according to publicly available data.

This gives the two a combined share of just over 21% and hence significant leverage over statutory changes.

"We've acquired a significant additional ownership share. In the dispersed, three-pillared ownership structure this gives us significant influence over future decisions regarding Hidria's development," Iztok Seljak, who is behind the takeover bid, told the STA on Monday.

It remains unclear, however, whether Seljak and his partner in the takeover bid, Dušan Lapajne, acquired stock beyond that through other channels. "We cannot speak about exact figures yet," Seljak said.

The takeover intent came in the midst of what insiders have described as infighting for control of a company with sales estimated at EUR 270m for 2018.

The company has long had a multi-tier ownership structure dominated by long-time CEO Edvard Svetlik and his two children but balanced by holdings held by Seljak and other former directors.

Media reports suggest the move was prompted by efforts by the Svetlik camp to award existing managers, including the Svetlik children, with a stock package worth about 5% of H&R, which would have tilted the delicate balance strongly in favour of the Svetliks.

The battle for control is closely watched by creditors, who do not want to see the company's existence threatened by the infighting, news portal Siol said today.