April 13, 2017 / 7:46 AM / 3 years ago

Fortuna shareholders challenge acquisition of majority owner's companies

PRAGUE, April 13 (Reuters) - A group of shareholders in Czech betting company Fortuna has filed an application for an injunction to halt the proposed acquisition of Romanian businesses from Penta Investments, Fortuna’s biggest stakeholder.

The group representing 10.5 percent of Fortuna’s equity is advised by Templeton Emerging Markets Group, which said shareholders have not received enough information “to assess whether the terms of the proposed acquisition (in Romania) have been conducted at arm’s length”.

Fortuna announced last month that it planned to acquire the companies from its main shareholder Penta, a Czech-Slovak group that has also offered to buy out Fortuna’s minority stakeholders at a discount, with plans to de-list the group.

Reporting by Robert Muller; Writing by Jason Hovet; Editing by David Goodman

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