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Croatia's Valamar, AZ boost stake in hotel operator Imperial

Croatia's Valamar, AZ boost stake in hotel operator Imperial Baska. Author: Valamar. License: All rights reserved.

ZAGREB (Croatia), December 27 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] and private pension fund AZ acquired an additional 29.34% stake in local hotel company Imperial following a successful buyout bid, Imperial said on Tuesday.

According to an internal agreement, Valamar Riviera has acquired a further 14.63% in Imperial, while AZ has added 14.71% to its holdings, Imperial said in a Zagreb bourse filing.

Valamar now holds a 54.71% stake in Imperial, while AZ controls 34.16%.

The buyout bid was accepted by 933 shareholders who transferred a total of 186,584 shares to the buyers.

Valamar and AZ were legally obliged to launch a takeover bid after in September buying a 50.08% stake in Imperial from the government for 260.8 million kuna ($36.1 million/34.5 million euro).

Upon launching the takeover bid, Valamar said the two will pay 819.0 kuna apiece for the 257,340 shares they do not already own in the hotel company.

(1 euro=7.54856 kuna)

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