November 25 (SeeNews) - Croatia's hotel operator Imperial said on Friday it has approved a 210.8 million kuna ($29.6 million/28 million euro) buyout bid launched by peer Valamar Riviera [ZSE:RIVP-R-A] and private pension fund AZ for a 40.47% stake they do not already own in it.
Imperial has endorsed Valamar Riviera and AZ's offer of 819.0 kuna for the 257,340 Imperial shares they do not already own, it said in Zagreb bourse filing.
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Furthermore, Imperial added that the bidders strategic plans, the addition of new offers and the upgrade of existing ones, will positively impact the company in the short and long term.
Valamar and AZ launched the buyout bid earlier this month after receiving the green light from Croatia's financial services supervisory agency, HANFA.
Valamar controls a 40.08% stake in Imperial, while AZ holds 19.45%.
Valamar earlier said that following the takeover bid the two will distribute the shares according to an internal agreement.
Valamar and AZ were legally obliged to launch a takeover bid after in September buying a 50.08% stake in Imperial from the government for 260.8 million kuna.
(1 euro=7.52691 Croatian kuna)