MNB clears Konzumʼs takeover bid for Appeninn
Holding company Konzum on Tuesday said the National Bank of Hungary (MNB) has cleared its public purchase offer for all outstanding shares of real estate company Appeninn Holding. Appeninnʼs board has recommended shareholders do not accept Konzumʼs offer, however.
Konzum is offering HUF 261 per share - the statutory minimum - to Appeninn shareholders between October 5 and November 3. The offer price implies a HUF 10.4 billion valuation for the company, state news agency MTI noted.
On August 25, Konzum Investment and Asset Management and Konzum Private Equity announced they would together acquire a 49.02% stake in Appeninn, and would make a mandatory purchase offer to shareholders within the legally stipulated deadline.
Konzum duly announced its buyout offer in late August, when it and other Konzum group members held a combined 33.6% in Appeninn.
Konzum Chairman-CEO Gellért Jászai said his company wants to consolidate its property investments in Appeninn and convert the company into a regulated property investment company (SZIT), the local form of a real estate investment trust (REIT), thereby benefiting from highly beneficial tax conditions.
Appeninn owns and operates office buildings and industrial and logistics properties worth more than HUF 22 bln. The companyʼs shares, listed on the Equities Prime Market of the Budapest Stock Exchange (BÉT), finished trading on Tuesday at HUF 430.
The Konzum group is among the interests of business magnate Lőrinc Mészáros, a close ally of Prime Minister Viktor Orbán. Konzum Investment and Asset Management is listed on the BÉTʼs Equities Standard Market.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.