Central European Distribution's No. 2 shareholder welcomes news that top shareholder Russian Standard wants to boost its stake in company

Nevin Barich

Nevin Barich

Dec 9, 2011 – Industry Intelligence

LOS ANGELES , December 9, 2011 () – Central European Distribution Corp's (CEDC) No. 2 shareholder welcomed the news that top shareholder Russian Standard wanted to boost its stake in the company, Reuters reported Dec. 9.

Russian Standard currently holds a 9.9% stake and the company and has proposed to buy another 19.9%, as well as offer to help the company restructure its debt.

Mark Kaufman — who owns a 9.6 percent stake in CEDC — said a combination between the two companies makes sense. However, he urged CEDC to avoid taking action that may "not be prudent.”

In November, CEDC slashed its full-year outlook for the second time and a failure to outline plans to pay back debt led to a sell-off in the company's stock.

The primary source of this article is Reuters, London, England, on Dec. 9, 2011.

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