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Owners acquire almost 100% of TvNetWork in public purchase offer

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.