The Croatian Financial Services Supervisory Agency (HANFA) approved at its meeting yesterday the Austrian investment and consulting company Epic from Vienna to publish an offer for the acquisition of Valamar Group, a joint-stock company for tourism development from Zagreb.
In HANFA’s decision, published on their website, it is stated that the obligation to publish the acquisition offer for Epic and the persons acting in concert with it arose in accordance with legal regulations and the conclusion of a Shareholders’ Agreement regarding Valamar. This Shareholders’ Agreement (on establishing a relationship of joint action) was concluded on February 25 of this year by Epic and the Zagreb companies Scapus d.o.o., Enitor d.o.o., and Satis.
All of them together, as stated in HANFA’s decision, hold a total of 5,125,702 shares of Valamar Group, which represents 81.42 percent of the share in the equity capital or 83.38 percent of the votes from the total number of votes provided by Valamar Group shares with voting rights. According to the law, the price in the acquisition offer must not be lower than the average price achieved on the stock exchanges, which amounts to 26.90 kuna per share, and the bidders commit to paying 29.78 kuna per share in the acquisition offer. The request for approval to publish the acquisition offer for Valamar was submitted by Epic to HANFA on March 19 of this year, and on April 19 the last amendment and supplement to that request. According to data from HANFA’s decision, Valamar has more than 100 shareholders, and its equity capital amounts to 62.95 million kuna. (H)
