April 12 (SeeNews) - Slovenia's sovereign holding company, SDH, has launched a takeover bid for the shares it does not own in hotel operator Terme Olimia, it said.
SDH has launched the bid in coordination with owners of 547,793 Terme Olimia shares and intends to acquire 158,006 shares in the company at a price of 27.50 euro ($32.7) apiece, the Slovenian holding company said in a statement on Friday.
You can subscribe to our M&A newsletter here
The buyout bid is valid April 9 - May 10.
State-owned pension fund management company Kapitalska Druzba is the largest shareholder in Terme Olimia with a 24.8% stake, followed by railways operator Slovenske Zeleznice with 23.9%. The remainder is in the hands of shareholders holding smaller stakes.
Last month, SDH completed the acquisition of a 20.9% stake in Terme Olimia, or 147,309 shares in the company. Before the transaction, SDH held a 4% stake in Terme Olimia.
The transaction is in line with the efforts of the Slovenian government to establish a holding company to manage the state-owned tourist companies. According to the project, state-owned companies Sava Turizem, Terme Olimia, Istrabenz Turizem, Thermana, Adria Ankaran and Hit Alpinea will be restructured into three subsidiaries of the state-run holding company, active in the field of alpine, coastal and thermal tourism.
($ = 0.84102 euro)