CP Holdings confirms Danubius Hotels buyout
CP Holdings Ltd., a U.K.-incorporated company, today confirmed in an announcement the success of the voluntary joint public purchase offer for all registered ordinary shares of Danubius Hotels Nyrt.
During the offer period, which ended on August 11, 2015, the shareholders tendered a total of approximately 1.1 million shares. As a result, CP Holdings and persons acting in concert with CP Holdings obtained 98.2% influence in the company, the announcement said.
The announcement noted that the offer price was HUF 8,000 per share, a 47.97% and 49.99% premium above the average Budapest Stock Exchange (BSE) price weighted by trading volumes during the 180 and 360 days prior to the launch of the offer on 15 June 2015, respectively, and a 9.77% premium above the company’s consolidated book value of shareholders’ equity per share as of December 31, 2014.
In line with previous announcements, the bidders are now planning to exercise their squeeze-out right as soon as possible and delist Danubius Hotels from the BSE. Currently, the squeeze-out period is expected to commence at the earliest on August 18, 2015.
“We are glad to be able to confirm the success of the voluntary joint public purchase offer for the Danubius Hotels shares, and we believe that the overwhelming acceptance by institutional and private shareholders also confirms that the offer price was fair and generous,” said Mark Hennebry, Director – Hotels at CP Holdings. “We now believe that the time has come for a new epoch in the company’s history, to continue its strategy as a private company, with the strong support of our senior management and our valued staff.”
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