CP Holdings announces takeover bid for Danubius Hotels
UK-based CP Holdings on Friday announced a public purchase offer for all outstanding shares of Hungary's Danubius Hotels Nyrt at a price of Ft 5,825 per share.
The offer runs from September 5 until October 4. Danubius Hotels announced on Thursday that the State Financial Supervisory Authority (PSzĂF) had approved the buyout offer.
CP Holdings, together with its units Israel Tractors and Interag Holding, which hold a combined 53.4% of ownership rights and 55.93% of voting rights in Danubius Hotels, said on August 8 that it would offer Ft 5,825 for all of the hotel company's shares. The purchase price was slightly above the 180-day turnover-weighted average share price of Ft 5,806 required by Budapest Stock Exchange (BĂT) rules.
Regardless of CP Holding's automatic right to squeeze out small shareholders in the event their stake reaches 90% in the buyout offer, the company does not wish to exercise this right. CP Holdings said it would concentrate on Danubius Hotels' spa hotels and continue with renovations.
Danubius Hotels includes among its holdings hotels in the Czech Republic, Slovakia and Romania. It also owns a stake in London's Regents Park Hotel.
ADVERTISEMENT
KSH Dismisses Reports of Eurostat 'Investigation'
Hungarian-American Business Chamber Established in Chicago
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
