PPHE Hotel Group Limited has completed the acquisition of the remaining 80% ownership of WH/DMREF Bora B.V., which it did not previously own. As a result, PPHE Hotel Group Limited has indirectly acquired 74.15% of the shares of Arenaturist d.d., whose shares are listed on the Zagreb Stock Exchange, and has become the 100% owner of three additional private companies that together form the Arenaturist group.
The acquisition process was concluded after the shareholders of Arenaturist approved the election of four new members to the Management Board of Arenaturist at an extraordinary General Assembly held on Wednesday, as proposed by PPHE Group Limited, which was one of the conditions of the Purchase Agreement. The newly elected members are: Chen Moravsky, Abraham Thomas, Denis Jukić, and Yoav Papouchado.
Currently, a takeover offer for Arenaturist d.d. is underway, which will be open until April 27, 2016, concerning the remaining 25.85% of Arenaturist shares. PPHE Group Limited is offering a price of 325.73 HRK for each share, which represents the average share price of Arenaturist achieved on the Zagreb Stock Exchange during the last three months prior to the obligation to publish the takeover offer.
After the completion of the takeover offer, PPHE Hotel Group Limited intends to develop Arenaturist into a leading hotel company in Central, Eastern, and Southeastern Europe, with a business model that includes ownership and management of its own accommodation facilities as well as management of hotel capacities owned by others, under the Park Plaza brand franchise. Additionally, PPHE Hotel Group Limited intends to propose the listing of Arenaturist shares on the official market of the Zagreb Stock Exchange.
