UK-based CP Holdings on Friday announced a public purchase offer for all outstanding shares of Hungary's Danubius Hotels Nyrt at a price of Ft 5,825 per share.
The offer runs from September 5 until October 4. Danubius Hotels announced on Thursday that the State Financial Supervisory Authority (PSzÁF) had approved the buyout offer.
CP Holdings, together with its units Israel Tractors and Interag Holding, which hold a combined 53.4% of ownership rights and 55.93% of voting rights in Danubius Hotels, said on August 8 that it would offer Ft 5,825 for all of the hotel company's shares. The purchase price was slightly above the 180-day turnover-weighted average share price of Ft 5,806 required by Budapest Stock Exchange (BÉT) rules.
Regardless of CP Holding's automatic right to squeeze out small shareholders in the event their stake reaches 90% in the buyout offer, the company does not wish to exercise this right. CP Holdings said it would concentrate on Danubius Hotels' spa hotels and continue with renovations.
Danubius Hotels includes among its holdings hotels in the Czech Republic, Slovakia and Romania. It also owns a stake in London's Regents Park Hotel.