February 9 (SeeNews) - Croatia's state-run center for enterprise restructuring and privatisation, CERP, has accepted a joint offer by hotel operator Valamar Riviera [ZSE:RIVP] and private pension fund AZ to purchase a 55.48% stake in local peer Hoteli Makarska, local media reported on Friday.
CERP has also given the green light to PBZ Croatia Insurance and its pension funds, as well as mandatory and voluntary pension funds management company Erste and its funds to acquire a 70.74% stake in hotel operator Jadran, news portal Tportal reported.
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The bid for the purchase of a 68.94% stake in hotel operator Hoteli Maestral lodged by Czech J&T IB Capital Market has, however, been rejected and and a new tender will be launched shortly.
CERP is cited as saying that Czech J&T IB Capital Market offered to pay the starting price, but that a higher investment allocation was expected.
In November, CERP set the minimum price for Maestral at 114.3 million kuna ($18.8 million/15.4 million euro).
An earlier call for the sale of Maestral failed in September 2016 after CERP received no binding bids.
Valamar and AZ bid 172.6 million kuna for Makarska, above the 150.1 million kuna asking price. This means the hotel operator will finally be sold after more than 10 years since the first attempt to sell it was launched.
PBZ Croatia and Erste bid 199.8 million kuna for the Jadran stake, or 5.9 million kuna above the starting price. Jadran exited bankruptcy proceedings in 2014, following which the Croatian state and CERP became its largest shareholders with a combined stake of over 70%.
(1 euro=7.44427 kuna)