(Dow Jones)--The board of directors of Croatian refiner INA d.d. (INA.ZG) said Monday that the public buyout price offered by Hungarian oil and gas company MOL Nyrt. (MOL.BU) for all outstanding INA shares not owned by the government is acceptable considering the current business environment, according to a release published on the Web site of the Zagreb stock exchange.
MOL launched a public bid for INA, of which it already owns 25%, in July and offered to pay 2,800 Croatian kunas ($558.2) a share for the refiner, which is higher than the legally required minimum price of HRK2,73.34 a share.
The board also said that MOL's intentions regarding INA's future were in full compatibility with INA's strategy.
Several board members also said they would sell part of their INA shares to MOL.
Croatian press reports said earlier that shareholders found the offered price unacceptably low