You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Gitone Adriatic plans takeover bid for Croatian hotel operator LRH

Author Iskra Pavlova
Gitone Adriatic plans takeover bid for Croatian hotel operator LRH Photo: All Rights Reserved

ZAGREB (Croatia), July 12 (SeeNews) - Zagreb-based Gitone Adriatic said it intends to launch a takeover bid for the remaining 46% of Opatija-based hotel operator Liburnia Riviera Hoteli (LRH) it does not yet own.

Gitone Adriatic signed a contract on July 11 to buy a stake of 53.94% in LHR held by four Zagreb-based companies - SNH Alfa, SNH Beta, SNH Gama and SN Pectinatus, the buyer said in a statement on Thursday.

It did not provide the price of the acquisition but following the purchase of the majority stake, Gitone Adriatic becomes obliged to launch a takeover bid for the remaining LHR shares, it explained.

LHR's share capital is divided into 302,641 shares of 2,300 kuna ($350/311 euro) in par value each.

In the takeover bid, Gitone Adriatic will act together with Zagreb-based Gitone Kvarner company, which is in the process of being established, as well as with their parent company - Austria-based Gitone Beteiligungsverwaltungs, and its owner, Vienna-based Holster Privatstiftung.

(1 euro = 7.39470 kuna)

Compare