Bohemian Completes Public Offer for Hoteli Jadran

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DTB assisted Hungarian financial enterprise Bohemian Financing related to the mandatory public offer for shares in Hoteli Jadran, a Croatian tourist company operating in the south Adriatic. Bohemian acted in concert with the direct shareholder of Hoteli Jadran, Croatian company Topaz Zagreb.

The said public offer was unique in that it was the very first time that a fair price for the shares within the mandatory public offer procedure was valued at zero HRK (due to the fact that Hoteli Jadran operated with negative equity).  What makes this matter also interesting is that the obligation on public offer was triggered by an indirect change in shareholding in Hoteli Jadran, caused by the change of shareholding in its owner, Topaz. Consequently, the approval procedure before the Croatian Financial Services Supervisory Agency was carried out with somewhat more scrutiny, and was extensive than usual, with various issues appearing for the first time in the Croatian legal practice.