June 15 (SeeNews) - Croatian pension fund managers PBZ Croatia Osiguranje and Erste are set to launch a buyout bid for the shares they do not own in local hotel operator Jadran, after jointly acquiring a 70.74% stake in the company, Jadran said.
Croatia's financial regulator, HANFA, has approved the takeover bid, Jadran said in a Zagreb bourse filing on Thursday.
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PBZ Croatia Osiguranje and Erste are offering to pay 5.75 kuna ($0.9/0.8 euro) per share for the 14,376,901 Jadran shares they do not yet hold.
PBZ Croatia Osiguranje and Erste purchased a 70.74% stake in Jadran from the country's state-run Centre for Enterprise Restructuring and Privatisation (CERP) for 199.8 million kuna.
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=7.3822 kuna)