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Fotex boosts stake in Domus by 1.52% in buyout offer

Retail and holding company Fotex Rt announced on Thursday it had completed a buyout offer for its furniture unit Domus Rt, raising its stake in the company by 1.52% to 58.02%. Fotex holds a direct stake of 57.89% in Domus, and has an indirect stake of 0.13% through its subsidiary Balaton Furniture.

 

Fotex announced the offer on December 12, and shares were accepted between January 2 and 31 at an offer price of Ft 1,600 per share. The offer price was well over the market price for Domus, which is one of the bourse's sleeper shares. The other large shareholder of Domus is Discover Europe Investment, which owns 24.99% of the shares. Domus posted consolidated after-tax loss of Ft 206 million on sales of Ft 2.865 billion in the first half of 2005. It had consolidated net assets of Ft 3.136 billion at the end of June.