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Croatia's Adris squeezes out HUP Zagreb minority shareholders

Croatia's Adris squeezes out HUP Zagreb minority shareholders Maistra's hotel Monte Mulini in Rovinj. Author: Adris Grupa. License: All rights reserved.

ZAGREB (Croatia), January 21 (SeeNews) - Croatia's catering and tourism company HUP Zagreb has filed a request to the Court Registry to register the decision of its shareholders' assembly for the transfer of shares from minority holders to the majority owner Adris Grupa, HUP said.

The request was submitted to Court Registry on January 18, HUP Zagreb said in a filing to the Zagreb Stock Exchange (ZSE) on Friday.

The HUP Zagreb shareholders’ meeting held on December 10 approved the squeeze-out at 3,446 kuna ($527.6/463.9 euro) per share. Once the court approves the HUP Zagreb request, the transaction will be finalised.

In February, Adris Grupa acquired a 77.78% stake in Zagreb-based Expertus, thus becoming an indirect shareholder in HUP Zagreb, in which Expertus held a 58.6% stake.

Adris was then obliged to launch a bid for the remaining shares in HUP-Zagreb it did not already own. Following the mandatory bid, Adris ended up owning over 95% of the shares of HUP Zagreb.

Adris said earlier that the acquisition of HUP Zagreb will allow it to expand its footprint in tourism. It will take under its control hotels in the most attractive tourist destinations in Croatia - Rovinj, Dubrovnik and Zagreb.

Adris runs a tourism business, an insurance arm and a fish farm.

(1 euro = 7.42666 kuna)