(story to be published in tomorrow's issue, March 20)
A new competitor appeared in the competition for the main stake in stock of Constanta-based hotel Apollo, beside Cartel Alfa trade union and Vradicor Financial Group which at the beginning of the year launched bids for taking over the company. The new competitor is a natural person Petre Mihail who, according to the takeover prospect, does not hold any shares in the company yet. For one Apollo share the investor offers 37,500 lei, 2,500 lei more than the offer of CNS Cartel Alfa, and 2,400 lei higher than the bid of Vradicor Financial Group. The tender is open on Rasdaq market between March 16 - April 6 and is mediated by Unicapital securities company. The interest expressed by investors with regard to the main stake in Hotel Apollo registered a surge at the beginning of this year when Cartel Alfa National Trade Union Confederation announced that it planned to buy all the shares of the company for 25,000 lei/share, the same as the nominal value of one share. Although the tender was scheduled to end on March 1, the trade union decided to increase its bid by 10,100 lei/share based on the adverse bid coming from Vradicor Financial Group launched at a price of 35,000 lei/share. The price offered by CNS Cartel Alfa, after the revision of the initial bid is 35,100 lei/share, only 1,000 lei /share higher than the competing bid of Vradicor Financial Group. The new bid of the trade union is valid until March 21. In case the offer launched by Petre Mihail is successful, he plans to refurbish and modernise the hotel to high standards. Moreover, shows the bid draft, the investor plans to enlarge the current field of activity by setting up a complex physiotherapy centre with a large range of treatments and a fitness and sauna centre. The objectives announced by the bidder are supported by an investment plan financed entirely from own funds, worth 2.5 billion lei. The share capital of Hotel Apollo is 1.23 billion lei, divided into shares with a nominal value of 25,000 lei. Significant shareholders of Apollo before the bid was launched included the State Ownership Fund with a stake of 72.067 percent of the shares and Cartel Alfa trade union federation with 26.001 percent, the rest of shares belonging to small shareholders (1.932 percent). Apollo shares are traded on Rasdaq market, the average price registered over the last session on December 24, 1999, being 90,000 lei/share.
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