November 14 (SeeNews) - Croatia's Valamar Riviera [ZSE:RIVP-R-A] and private pension fund AZ have launched a takeover bid for the 40.47% stake they do not already own in local hotel operator Imperial for 210.8 million kuna ($30.1 million/28.1 million euro), Rab-based Imperial said on Monday.
After receiving the green light from Croatia's financial services supervisory agency, HANFA, Valamar Riviera and AZ launched a takeover bid for the 257,340 shares they do not already own in Imperial for 819.0 kuna apiece, the latter said in a filing with the Zagreb bourse.
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Valamar controls a 40.08% stake in Imperial, while AZ controls 19.45%.
Valamar earlier said that following the takeover bid the two will later distribute the shares according to an internal agreement.
The bidding deadline is 28 days from the day the takeover notice is published on the Zagreb bourse and in the country's official gazette.
The nominal value of the remaining shares is 400 kuna each.
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.
(1 euro=7.51238 Croatian kuna)