British NEPI launches EUR 46.4 million takeover bid for Carpathian
23 April 2009
British New Europe Property Investments (NEPI) fund launched a takeover bid worth EUR 46.4 million for the Carpathian fund, formerly Dawnay Day Carpathian. The bid is expected to be evaluated this week. A green light for NEPI, which is focusing on the Romanian real estate market, would be the first acquisition in the market this year.
''At a EUR 0.3 per share bid, the price would amount to EUR 46.4 million. We have part of the money and, if Carpathian shareholders agree, we have the support of the group,'' NEPI representative, Alex Morar, said.
The price is 14% above Carpathian's capitalization, worth EUR 40.5 million.
''Carpathian’s Board of Directors is to obtain clarification on some details, such as due-diligence and financing, before it formally accepts the offer,'' the fund said in a statement.
In Romania, Carpathian owns the Macromall shopping center, which is located in the central city of Brasov and is already operational. It is also developing four malls in major Romanian cities. It is likewise operating in the Czech Republic, Croatia, Poland, Hungary, and Baltic States.
<<< back to Romanian news >>>
International Property News
Latest World News