Tender has to sell 22% of Ardaf

Tender SA, a company controlled by businessman Ovidiu Tender, is negotiating the sale of a 22% stake it owns in the insurance company Ardaf Cluj, due to regulations of the capital market.

According to these regulations, Tender SA has to either launch a tender offer for all the shares it does not own in Ardaf, or reduce its stake to

under 50%. On the Stock Exchange, 22% of Ardaf is worth 12 million euros. “Negotiations started at the beginning of last year and we were in contact with several investors. Now, we have narrowed them down to just a few, but we have not decided whom we will sell our shares to. We will know in a few weeks,” Tiberiu Tender, vice-chairman of the Board of Directors of Tender SA, a company that owns 70.69% of Ardaf shares, told ZIARUL FINANCIAR. He did not say with whom they were negotiating the sale of the stake. Sources on the market say the investor, which will buy the 22% stake in Ardaf is the Austrian group Uniqa. Uniqa officials could not be contacted on Monday to confirm this information. ZF