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Croatia's Gitone Adriatic kicks off takeover bid for LRH

Croatia's Gitone Adriatic kicks off takeover bid for LRH Photo: All Rights Reserved

ZAGREB (Croatia), October 9 (SeeNews) - Zagreb-based Gitone Adriatic said Wednesday it is launching a takeover bid for a 46% stake in Opatija-based hotel operator Liburnia Riviera Hoteli (LRH) it does not own yet.

Gitone Adriatic is offering to pay 4,761 kuna ($703.89/641.04 euro) per each of the 139,392 outstanding LRH shares, it said in a filing to the Zagreb bourse.

The offered price is above the nominal value of 2,300 kuna of an LRH share and values the target company at 1.44 billion kuna. 

The bid will remain open for 28 days. 

LRH shares last traded on the Zagreb bourse on Monday, closing 10.86% lower at 4,680 kuna.

The bidder became obliged to launch a buyout offer for LRH after inking a deal to buy a 53.94% stake in the hotel operator from Zagreb-based SNH Alfa, SNH Beta, SNH Gama and SN Pectinatus in July. 

In the takeover bid, Gitone Adriatic is acting together with its parent company Austria-based Gitone Beteiligungsverwaltungs, as well as with three subsidiaries of Gitone Beteiligungsverwaltungs, and its owner, Vienna-based Holster Privatstiftung. 

(1 euro = 7.42692 kuna)