Dusu cousins offer 8.2m euros to take over Socep Constanta

Businessmen Niculae and Ion Dusu, owners of Celco Constanta, the second biggest player on the ACC market, want to pay 8.2m euros to acquire 65.48% in Socep Constanta (SOCP) harbour operator, in which they currently hold a controlling stake of 34.5%. In order to do it, they will launch, starting tomorrow, a mandatory tender offer handled by Interfinbrok Corporation brokerage firm of Constanta. The price the Dusu cousins will pay in the offer stands at 0.15 RON/share, 12.3% lower than the 0.171 price/share reached during yesterday's Stock Exchange trading session. "We believe the price offered is very good and I do not consider the current price reflects market conviction. Almost one year ago, the price was below the price we are offering," Niculae Dusu says. The offer values the harbour operator at 12.5m euros. Socep last year saw its turnover decline by 22%, to 45.8m RON (10.8m euros) and reached net income worth 2.1m RON (almost 500,000 euros), down almost three times from the 2008 level.