July 5 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] said on Tuesday it has submitted a binding bid with the country's state-run center for enterprise restructuring and privatization, CERP, to purchase a 50.08% stake in hotel operator Imperial.
According to a statement published by CERP also on Tuesday, Valamar is the sole bidder at this stage of the tender and has offered to pay 260.8 million kuna ($38.7 million/34.8 million euro) for a total of 318,446 state-held shares in Imperial, or 819 kuna per share.
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CERP is due to perform a detailed analysis of the offer over the next few days, it noted on its website.
In a filing with the Zagreb bourse, Valamar also added that it has concluded a deal with mandatory private pension fund AZ for joint action towards acquiring the Imperial stake.
In May, CERP set at 259.9 million kuna the starting price for the Imperial share and called for final bids in the tender for the sale of a government stake in the company.
During the first round of bids, which was completed in November last year, Imperial attracted 11 letters of intent.
Imperial is based in the town of Rab on the Adriatic island of the same name.
(1 euro=7.50347 Croatian kuna)