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Wallis buys 23.33% common stock of Altera

Wallis Asset Management is buying 23.33% of common stock in Altera Wealth Management as part of a two-step deal, Altera said on the Budapest Stock Exchange (BÉT) on Thursday, as reported by Hungarian news agency MTI.

In an over-the-counter deal, Wallis purchased 803,370 shares from Lehn Consulting AG, which has thereby sold all its shares in Altera, listed on the Equities Standard section of the BÉT. Wallis plans to purchase a further 1.74% of Altera stock and raise its share in the company to over 25%. 

As the only entity with more than a 10% share in Altera, Wallis has also submitted a purchase offer for all Altera shares, pending approval by the National Bank of Hungary (MNB), to fulfil its obligations. Wallis is offering to purchase Altera stocks at HUF 520.25 per share. 

As a second step in the process, pending a decision by Alteraʼs board of directors, Altera will acquire 100% ownership in four automobile trading companies of the Wallis group as in-kind contributions.

Trade in shares of Altera Wealth Management was suspended before the opening bell on the BÉT Thursday, pending the extraordinary announcement.  Altera shares had closed at HUF 875 on Wednesday. The share price has risen 53.5% in the year to date, noted MTI.