May 17 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] and pension fund manager AZ have launched a buyout bid for the 44.52% stake they do not yet own in local hotel company Hoteli Makarska, Valamar said on Thursday.
Valamar and AZ are offering to pay 278.0 kuna ($44.5/37.7 euro) for each share they do not already hold in Hoteli Makarska, Valamar said in a filing to the Zagreb Stock Exchange.
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The offer will be valid for 28 days.
Valamar became obliged to launch a buyout bid after in April it signed a deal with the country's center for enterprise restructuring and privatisation, CERP, for the purchase of 55.48% interest in Hoteli Makarska.
The company concluded the deal jointly with AZ, to which it later transferred a 30.48% stake in Makarska.
Valamar Riviera runs hotels, apartment villages and campsites in Istria, in Dubrovnik and on the Adriatic islands of Krk and Pag.
(1 euro=7.38294 kuna)