Greek Asset Sale Fund asks revised bid from Emma Delta for Opap

By Marc Castro

Apr 23, 2013 09:56 AM EDT

Opap SA values fell after the Greek state asset sales fund sought assistance from Emma Delta, after the latter is the only firm that submitted a valid binding bid for the gambling company. The assistance sought is to increase the bid amount for the 33% share stake in the firm.

Opap share values fell by 3.7% to Eur6.82 in the Athens bourse as it fell as much as 6.1% during the day's transactions. Opap is currently valued at Eur2.17 billion or US$2.8 billion.

The Greek fund did not unseal the second binding offer received from other bidders such as Third Point LLC due to the included conditions. This was confirmed by the Hellenic Republic Asset Development Fund.

Emma Delta is a consortium comprising the Melissanidis Group of Greece, PPF Group NV, a Czech private equity firm and Lottomatica Group SpA of Italy. The consortium offered Eur5.91 per share totalling Eur622 million. This is below the Eur5.99 share valuation at trading during the month.

The proceeds from the share sale of Opap and other state backed corpoorations would help in reaching asset sales goal for the year.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics