The State Financial Supervisory Authority (PSzÁF) has approved a public purchase offer by holding company Bankár Zrt for all outstanding shares of property developer Skoglund Holding Rt at a price of Ft 1,810 per share, Skoglund announced on Tuesday.
Bankár, which already controls 83.72% of exchange-listed Skoglund, announced an offer on May 19 at a price of Ft 1,530 per share, saying the price was calculated based on Skoglunds's net assets per share plus the value of properties the company owns, but the PSzÁF suspended the offer pending an evaluation of the method used to calculate the offer price.
The purchase is complicated by the recent merger of Skoglund with Sasad Rt, a far bigger real estate company, which is intended to serve as a backdoor listing for Sasad. Although Sasad's equity has not yet been listed on the bourse, Bankár has offered the same price for shares linked to both companies' equity. Skoglund had net assets of Ft 556 million and Sasad had net assets of Ft 10.2 billion at the end of 2005.