February 8 (SeeNews) - Croatian tourism company Laguna Novigrad has launched buyout bids for the remaining stakes in local peers HTP Orebic [ZSE:HTPO] and HTP Korcula [ZSE:HTPK] it does not yet own, the two takeover target companies said on Monday.
Laguna Novigrad is proposing to pay 154 kuna ($24.5/20.4 euro) per HTP Orebic share and 66.06 kuna per HTP Korcula share, HTP Orebic and HTP Korcula said in separate bourse filings.
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The offers will remain open for 28 days.
Croatia's financial regulator, HANFA, approved the buyout offers last week.
HTP Orebic's capital is divided into 475,820 shares of 100 kuna in par value each. HTP Korcula's captal comprises 2,468,869 shares of 50 kuna in par value each.
Laguna Novigrad became obliged to launch the bids after it concluded a deal to acquire 100% interest in local tourism company Dalmacija Hoteli from Zagreb-based fund manager Prosperus - Invest last year. With the signing of the contract for the acquisition of Dalmacija Hoteli, Laguna Novigrad also became direct owner of 63.05% of HTP Orebic and 57.52% of HTP Korcula.
HTP Orebic's shares last traded on the Zagreb bourse on February 5, closing 66% higher at 141 kuna.
HTP Korcula's shares last traded on February 2, closing 4% lower at 60 kuna.
(1 euro = 7.55562 kuna)