Rompetrol Holding's AIM-listed unit Black Sea Global Properties (BSGP) has reached an agreement with Fabian Romania to launch a takeover offer for the Romanian property investor for EUR 1 per share. The offer represents a premium of 93% over the closing price of Fabian Romania shares of EUR 0.51 on December 18, 2008. The bid, which will be entirely in cash, values Fabian Romania's share capital at around EUR 51 mln. BSGP currently owns 25% of Fabian Romania.
Rompetrol Holding's AIM-listed unit Black Sea Global Properties (BSGP) has reached an agreement with Fabian Romania to launch a takeover offer for the Romanian property investor for EUR 1 per share. The offer represents a premium of 93% over the closing price of Fabian Romania shares of EUR 0.51 on December 18, 2008. The bid, which will be entirely in cash, values Fabian Romania's share capital at around EUR 51 mln. BSGP currently owns 25% of Fabian Romania.
'The offer provides certainty to Fabian Romania shareholders during a period of significant turmoil in the financial markets and as the price of real estate assets in Romania continues to fall,' the company said in a statement on Friday. The independent directors of Fabian Romania have resolved unanimously to recommend shareholders to accept the offer. Fabian Romania was advised by Lazard. PricewaterhouseCoopers acted for BSGP.
