Owners acquire almost 100% of TvNetWork in public purchase offer

Deals

The four biggest owners of telecommunications company TvNetWork acquired 99.61% of the company in a concerted buyout offer closed on August 21, TvNetWork said on Thursday.

Digi Távközlési, Netherlands-based Carose, and Trumbull Capital Advisers and Sjor Capital Limited, both registered in Cyprus, announced in June that they would make a concerted public buyout offer for the company's shares.

The offer was made by Digi Kft on June 29 at a price of HUF 300 per share. The four owners held more than 85% of shares at the time, with more than 99% of voting rights.

TvNetWork is one of the bourse's sleeper shares. Digi acquired 30% of the company at the end of 2009 as a strategic investor, and the company sold its telecommunications networks in 2010, closing its telecom operations. A decision to withdraw the shares of TvNetWork from the Budapest Stock Exchange was taken in 2010. The shares are yet traded in category 'B' of the exchange.

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

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.