The Center for Restructuring and Sale (CERP) reported on Thursday a new decision defining the process for collecting binding offers for the purchase of a majority stake of 68.94 percent of shares in the Dubrovnik Maestral Hotels at an initial price of 126.8 million kuna.
The Management Board of CERP annulled the decision from July 26 regarding the initial price and the implementation of the public collection process for binding offers to purchase shares of that hotel at a meeting on Wednesday and made a new decision.
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According to yesterday’s decision of the Management Board of CERP, the initial price for the majority stake of 68.94 percent of shares or 355,520 shares in Maestral Hotels remains 126.8 million kuna.
Offers for Maestral Hotels can be submitted by those who purchase the bidding documentation for one hundred thousand kuna and provide a bid guarantee in the amount of 2.5 million kuna.
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However, according to the new decision, potential bidders in the binding offer will not be required to submit an investment plan for the development of Maestral Hotels with a defined investment amount, formed based on actual capabilities and in accordance with valid spatial plans. The best bidder will also not have to provide CERP with proof of fulfillment of all contractual obligations within a maximum of 30 days from the conclusion of the sales and transfer of shares agreement.
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After CERP announces a public call, interested parties for submitting binding offers for Maestral Hotels will have a deadline of 60 days to submit their offers, 15 days longer than previously stated in the earlier decision.
Otherwise, the Management Board of CERP decided at a meeting held on February 8 not to accept the offer from the Czech J&T IB Capital Markets based on last year’s tender and to proceed with a new tender.
