Buyout of Ukraine's Kernel could cost majority shareholder $223 mln

MOSCOW. March 30 (Interfax) - Andrei Verevsky's Namsen Limited, which owns 38.05% of shares in Ukrainian agricultural holding Kernel, has announced a tender offer to buy out the holders of the other 61.95% of the company.

The Trigon DM brokerage said the price being offered per share was PLN 18.5 or $4.29 at the current rate for 52,057,219 shares in total. Bids will be accepted between March 31 and May 4, inclusive.

The buyout could cost Namsen Limited $223.3 million if it purchases all these shares.

Kernel already holds 6.602 million shares repurchased in the past via its Cyprus subsidiary Etrecom Investments Limited.

The Warsaw-traded Kernel's share price has averaged at PLN 18.4376 in the last six months and PLN 18.4909 in the last three months, according to the tender offer. The latest price on Thursday was PLN 18.48.

Kernel was listed on the Warsaw Stock Exchange in November 2007. Verevsky said recently that there was no value in Kernel shares remaining listed on the exchange and that intended to launch a delisting tender offer for the remaining shareholders to sell their shares.