Even though it had initially offered a price of 10.38 lei/share to buy out its shareholders in order to delist the company from the Rasdaq, the management of "Complex Hotelier" Decebal Bacău (symbol: CHDB) "changed its mind", offering a price twice as high, after the company was evaluated for the second time by a different evaluator.
* The price is 13.7% above the price that the stock was trading for on the market
The shareholders of "Complex Hotelier" Decebal Bacău are being summoned for Wednesday, to approve a new evaluation report of the company drawn up by a certified expert, which proposes price of 21.5 lei/share for the minority shareholders that want to exit the company before its delisting, 107% above the price that was initially proposed, which had been approved in the General Shareholder Meeting of November 2010 and 13.7% higher than the last price that the stock was trading at.
The new evaluation report was drawn up after the (CNVM) forced the management of the company to summon a new Extraordinary Shareholder Meeting, asking for a new evaluation, which would be conducted instead by an independent evaluator registered with the Romanian National Securities Commission (CNVM). The stock market regulator maintained that the price offered to shareholders based on the initial evaluation, had not been set according to the international evaluation standards by an independent evaluator registered with the CNVM. The price that was initially offered to shareholders who didn"t agree to the delisting was 10.38 lei/share.
The first evaluation was also challenged by the Association of Capital Market Investors (AIPC) which called it "erroneous", as it valued the company at 6.35 million lei, when its cash resources amounted to 4.74 million lei, according to the latest financial statements available on the website of the BSE.
"Complex Hot
