Croatia's CERP accepts Jadran's binding bid for Club Adriatic

ZAGREB (Croatia), November 13 (SeeNews) - Croatia's centre for enterprise restructuring and privatisation, CERP, has accepted the binding bid of hotel operator Jadran [ZSE:JDRN] for the purchase of state-owned tourism company Club Adriatic, Jadran said.

Jadran placed the sole bid for Club Adriatic, offering a price of 50.5 million kuna ($7.8 million/6.8 million euro) for 100% shareholding interest in Club Adriatic, the hotel company said in a filing with the Zagreb Stock Exchange on Monday.

The contract for the sale of Club Adriatic will be signed on November 19, Jadran said.

In August, CERP launched a call for binding bids for the purchase of Club Adriatic for at least 48.5 million kuna.

This is not the first time CERP is attempting to sell Club Adriatic. In December, CERP said Swiss firm Immo Invest Partner has lodged the sole binding bid for the company, offering to pay 54 million kuna. CERP and Immo signed a deal earlier this year, but the sale fell through when the Swiss company failed to pay the agreed price.

Club Adriatic was founded some 17 years ago by the former Croatian Privatisation Fund, CERP's legal predecessor, with the goal of reconstructing resorts, hotels and camping sites formerly used for tourism purposes by members of the military.

Since October 10, 2014, Club Adriatic has been in a pre-bankruptcy procedure, which is currently at a standstill because of administrative disputes.

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