The Altex group has raised its bid for the takeover of Cometex Suceava, the company that owns the Bucovina shopping centre in Suceava, by 60%. The increase represents a further 2.9 million euros on top of previous the bid made earlier this year.
By offering 912,000 ROL per share, which means 7.5 million euros for the entire stake, Altex submitted the best bid for the acquisition of Cometex Suceava in the tender begun last week at the National Securities Commission (CNVM) headquarters, which was also attended by Winmarkt (owned by Broadhurst investment fund) and Celco Constanta. The public offering will close on May 12.
"The outcome of the tender proves that the capital market is working and that it is one of the main ways for investors interested in Romania to enter the economic environment of this country," said Dan Ostahie, the Altex chairman.
Cristian Andrei Siminel, the manager of Broadhurst investment fund, said that Altex had offered a very good price, a price "at which Broadhurst, which owns 20% of the company stock, will sell."
Altex submitted the first tender offer for the entire stake in Cometex early this year, offering at the time 572,000 ROL per share, which equated to around 4.6 million euros for the entire stake. Altex head Dan Ostahie explained the move by the fact that Cometex Suceava offered the electronics and electrical home appliances retailer the opportunity to set up a network of shopping centres in the area, after paying half a million euros in 1999 for the majority stake in the company that runs Nada Florilor shopping centre in Falticeni.
After Altex had submitted its first bid, Broadhurst investment fund launched a rival bid at a price of 750,000 ROL/share through Winmarkt, a company it manages. The total value of the Winmarkt bid was 4.9 million euros, with the company planning to buy 80.5% of the stock, and Broadhurst being the main minority shareholder in Cometex with 19.4%.
The Winmarket bid, company representatives say, came as part of the company''s policy of expanding its store network, particularly given the fact through Winmarket Broadhurst owned more than ten former general stores in various cities.
After Celco Constanta entered the race, initially by offering 601,000 ROL/share for a 99.7% stake in the Suceava-based company, the CNVM decided that the three companies should come up with new bids as part of a new tender, as demanded by its regulations. The new tender was won by Altex thanks to its bid of 912,000 ROL/share.
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