March 24 (SeeNews) - The management and the trade union of hotel owner Turisthotel [ZSE:TUHO] on Friday said they disagree with a takeover bid for 60.66% interest in the company launched by local shipping company Tankerska Plovidba, objecting to both the offered price and the strategic plans for the target company.
The bidder has not carried out due diligence, rendering unclear the criteria by which the offered price was determined, Turisthotel CEO Meri Matesic Sicic said in a filing to the Zagreb bourse.
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Last week, Tankerska Plovidba offered a price of 610.53 euro ($656) per Turisthotel share.
The proposed price, according to the company CEO, suggests a return of the investment in less than them nine years, which is unfair.
The actual value of the company assets, land plots in particular, is much higher than stated by the bidder, she added, stressing that the company is very liquid and financially stable.
Furthermore, the bidder does not commit to continue with the investments plans which the hotel company has launched, she added.
The company trade union shares fully the opinion voiced by the company CEO, another document filed with the bourse showed.
Turisthotel’s shares traded 0.83% lower at 595 euro on Friday on the Zagreb bourse.
($ = 0.930 euro)