December 8 (SeeNews) - Croatian investment company Agram Invest said on Thursday it has increased its stake in local hotel operator Medora hoteli i ljetovalista by 0.48898% to 79.46643% following a buy-out bid.
Agram Invest has raised its total share count in Medora by 25,751 to 4,184,901 shares, it said in a Zagreb bourse filing.
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The value of the transaction was not revealed. However, on October 31 Agram said it was launching a buy-out bid for a 21% stake it does not already own in Medora for 13.7 million kuna ($1.9 million/1.8 million euro).
At the time, it said it is offering to pay 12.41 kuna for each of the remaining 1,107,100 shares.
The buyout bid was accepted by 11 shareholders.
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=7.5357 kuna)