Apollo bidders do not give up easily

Competition for the majority stake in stock of Hotel Apollo, headquartered in Constanta, which is owned by SOF, does not seem to lose in intensity. Petre Mihail, the investor that, together with Vradicor Financial Group and CNS Cartel Alfa, had shown interest, at the beginning of this year, in taking over the entire company, launched a new buying offer, at the price of 90,200 lei per share, surpassing thus the best offer on the market, of 90,100 lei per share, which had been launched by the National Confederation of Trade Unions (CNS) Cartel Alfa.

“The increase in the offer price is not so important, as it amounts to only 100 lei per share. What is really important is the fact that the three investors still have significant financial resources. This dance of offers may continue during the following period as well,” a trader said.

The battle for the main stake in Hotel Apollo is in fact, according to some brokers, rather a competition for stock held by the State Ownership Fund, the other shareholders being insignificant.

“Beside SOF, stock in Apollo is held by 15 small investors who control together approximately 900 shares,” said Viorel Cioranu, a trader with Unicapital securities company, which is the intermediary of the offer launched by Petre Mihail.