(story to be published in tomorrow's issue, March 24)
Cartel Alfa National Trade Union Confederation during the tender that ended on Tuesday did not manage to buy any shares in Hotel Apollo from Constanta, although over the last days of the tender it raised the bid for a second time from 35,000 lei/share to 45,000 lei/share. "The National Securities Commission approved the bid's increase to 45,000 lei/share at the end of last week but is seems that Apollo shareholders preferred to wait a little longer. No share was subscribed during the tender," Ciprian Zah, a trader with CRI Investco, the securities company that mediated the deal, told Ziarul Financiar. On the other hand, Cartel Alfa leaders do not seem willing to give up their takeover plans so easily, even if their bid was not successful this time. "We plan to launch a new bid, offering more than 45,000 lei/share. As a matter of fact all the documentation has been submitted to the National Securities Commission and we hope it would be approved this time," Ion Homos, general secretary of Cartel Alfa, told Ziarul Financiar. Investors' interest in the main stake of Apollo took a surge at the beginning of this year when the trade union announced it planed to acquire all the shares of the hotel for a price amounting to 25,000 lei/share, the equivalent of the shares nominal value. Although the bid was supposed to end on March 1, the trade union decided to increase it by 10,100 lei/share, the adjustment being based on the adverse bid coming from Vradicor Financial Group. The price offered by CNS Cartel Alfa after the revision of the initial offer stood at 35,100 lei/share, only 100 lei/share higher than the adverse bid. Meanwhile, on March 16, a new investor interested in Apollo's shares emerged: a natural person - Petre Mihail - who offered 37,500 lei/share, that is 2,500 lei per share more than Cartel Alfa. Apollo Hotel's share capital currently amounts to 1.23 billion lei, divided into shares with a nominal value standing at 25,000 lei. Apollo's significant shareholders before the bids included The State Ownership Fund (which held 72.067 percent) and Cartel Alfa with 26.001 percent, the rest of shares belonging to small shareholders (owning 1.932 percent).
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