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CP Holdings file voluntary public purchase offer for Danubius Hotels

Hotels

CP Holdings Ltd. submitted all relevant documents to the National Bank of Hungary (MNB) for the approval of a voluntary public purchase offer for all registered ordinary shares of Danubius Hotels Nyrt., according to a press release issued yesterday.

The offer price is HUF 8,000, which is a 14.96% premium above the company’s consolidated book value of shareholder’s equity per share, as of December 31, 2014. CP Holdings, and those acting in concert, currently own 80.33% of  Danubius Hotels shares and intend to buy shares owned by funds managed by Aberdeen Asset Management, which currently holds 3.02% of Danubius shares.

“We believe that the offer price is fair and fully reflects the fundamental value of Danubius Hotels. This Offer provides an excellent opportunity for shareholders of Danubius Hotels to realize value on their investment,” said Mark Hennebry, Director of Hotels at CP Holdings. “We intend to continue with the current business strategy after this process, and remain fully committed to our existing assets and workforce, the Hungarian  market, and the region,” he added.

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