November 15 (SeeNews) - Croatian hotel operator Medora hoteli i ljetovalista said on Tuesday it has approved a takeover bid by local investment company Agram Invest for a 21% stake it does not already own in Medora for 13.7 million kuna ($2 million/1.8 million euro).
Medora endorsed Agram Invest's offer of 12.41 kuna for each of the remaining 1,107,100 shares, Medora said in a filing with the Zagreb bourse.
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The board believes the bidder has the financial strength to implement the company's future business plans, with a focus on further development and investments to boost the quality of its portfolio, Medora noted.
Agram Invest launched the bid on October 31. The tender is open for 28 days.
Agram Invest was legally obliged to launch the bid for Medora after in August it acquired an additional 30.3% stake in the hotel operator.
Croatian hotel operator Hoteli Podgora changed its name to Medora hoteli i ljetovalista in December, following a pre-bankruptcy settlement. The book value of the company's capital and reserves totalled 197.1 million kuna at the end of the third quarter of 2016.
(1 euro=7.51299 kuna)