Apollo Investment launches public offer for 11.54 pct of Astir Palace

Apollo Investment Holdco SARL on Wednesday announced an obligatory public offer to acquire the remaining shares of Astir Palace Vouliagmeni Hotel.

Apollo already owns 88.46 pct in Astir and aims to purchase the remaining 11.54 pct of the company’s equity capital at a price of 5.48 euros per share.

In an announcement to the Athens Stock Exchange, Apollo said that in case it acquired 90 pct of Astir Palace shares it will use a squeeze out right (the transfer of all remaining shares at a price equal to the offer price) and will convene an extraordinary general shareholders’ meeting for the delisting of Astir shares from the market.