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MNB clears Danubius Hotels buyout offer by CP Holding

Hotels

The National Bank of Hungary (MNB) approved the voluntary public purchase offer, for Hungaryʼs Danubius Hotels shares by CP Holdings, a press release said yesterday. The offer period is scheduled to start on July 13 and will run until August 11.

The offer price is HUF 8,000 per share, which represents a significant, 47.97% and 49.99% premium above the average Budapest Stock Exchange price weighted by trading volumes during the past 180 and 360 days preceding the filing of the offer for approval by the MNB on June 15, the press release said.

CP Holdings and persons acting together with CP Holdings currently own 80.33% of the shares of Danubius Hotels, representing 84.14% influence in the Company. CP Holdings intends to exercise its squeeze-out right and delist Danubius Hotels from the Budapest Stock Exchange if it acquires at least 90% influence in the Company, it added.

CP Holdings, Interag Holding, Lady Lilly Schreier and the Israel Tractors and Equipment Company are making the offer.

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