Almost without exception, every acquisition of a company listed on the Zagreb Stock Exchange has meant the permanent removal of its shares from the capital market.
Therefore, the announcement from PPHE Hotel Group (better known as Park Plaza) after acquiring a majority stake (74.15 percent) in Arenaturist is a pleasant surprise, stating that ‘PPHE Hotel Group intends to propose the listing of Arenaturist’s shares on the Official Market of the Zagreb Stock Exchange.’ This will occur after the ongoing takeover bid, which pertains to the remaining 25.85 percent of Arenaturist’s shares, for which the remaining shareholders have been offered a price of 325.73 kuna per share.
Last week, an extraordinary general meeting of Arenaturist was held, where the election of four new members of the Management Board proposed by PPHE Group was approved, which was one of the conditions of the purchase agreement. The newly elected members are Chen Moravsky, Abraham Thomas, Denis Jukić, and Yoav Papouchado.
After the completion of the takeover bid, PPHE Hotel Group intends, as they say, ‘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 capacities and management of hotel capacities owned by others under the Park Plaza brand.’
Arenaturist’s portfolio consists of seven hotels, six resorts, and eight campsites in Istria.
