May 22 (SeeNews) - Croatia's catering and tourism company HUP-Zagreb said it approves of the buyout bid launched by local diversified conglomerate Adris Grupa, under which Adris plans to increase its existing 58.6% stake in HUP.
Adris' offer to pay 3,969.16 kuna ($634.6/537.5 euro) per share for the shares it does not yet own in HUP, is appropriate and was determined in accordance with the legal provisions, HUP said in a Zagreb bourse filing on Monday.
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HUP noted that Adris' future plans are positive and will lead to business optimisation and higher profitability.
The company also believes that Adris' leadership will improve the quality of its tourism products and enable its continued business cooperation with Marriott International.
Adris has indirectly acquired a 58.6% stake in HUP, by acquiring a 77.78% stake in Zagreb-based Expertus.
Adris and Expertus will approach the buyout offer together. The group said earlier that the acquisition 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.
The group runs a tourism business, an insurance arm and a fish farm.
(1 euro=7.38442 kuna)