INTER RAO UES has also submitted a pubic offer to sell preferred stock of Bashkirenergo to company shareholders.
INTER RAO UES submitted the aforementioned voluntary and public offers to sell common and preferred stock of Bashkirenergo in view of planned split of Bashkirenergo into Bashkir Power Grid Company with concurrent merger of the latter into INTER RAO UES (these reorganizations will be considered at the Extraordinary General Meeting of Bashkirenergo shareholders on June 20, 2012). INTER RAO UES is planning to complete this buyout using its own funds, including proceeds from sale of minority stakes in energy companies, without additional debt financing.
Buyout price of Bashkirenergo shares in the voluntary offer is set no less than average market price of these shares over six-month period prior to submission of voluntary offer to FFMS, and no less than the price which INTER RAO UES and its affiliates committed to pay for respective securities per agreements signed before expiration of the six-month period prior to submission of the voluntary offer to Bashkirenergo.
Pricing of Bashkirenergo common stock buyout will be disclosed on June 13, 2012, upon review of the voluntary offer by FFMS as required by applicable laws of the Russian Federation.
The voluntary offer is valid from June 13, 2012, till August 22, 2012 inclusively.
Pricing of public offer to sell preferred stock of Bashkirenergo was determined as the average price of Bashkirenergo preferred stock at MICEX and set at 26.25 RUB per share. The public offer is valid till August 21, 2012 inclusively.