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PIO-21 makes buyout offer for BIF

Telco

pixabay

Holding company PIO-21 has made a public buyout offer for all of the shares of the Budapest Stock Exchange-listed property developer Budapest Ingatlan Hasznosítási és Fejlesztési (BIF), the company said in a statement today on the bourseʼs website, Hungarian news agency MTI reported.

PIO is offering to purchase BIF shares listed at a face value of HUF 100 for HUF 600.04 per share. Based on the purchase price, PIO is valuing the company at around HUF 15.5 billion.

Shareholders can decide to accept the offer between May 29 and June 28. The National Bank of Hungary has already authorized the public takeover bid. PIO currently has a 29.81% share in BIF, which has HUF 2.58 bln in registered capital.

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