April 13, 2017 / 8:41 AM / 3 years ago

UPDATE 1-Fortuna shareholders challenge acquisition of majority owner's companies

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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 have been conducted at arm’s length” and questioned valuations given for the businesses.

Fortuna, whih is active in the Czech, Slovak and Polish markets, had no immediate comment.

It had 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.

Fortuna has called a shareholder meeting for April 26 to vote on the proposed acquisitions, including Penta companies Bet Active Concept, Bet Zone, Public Slots and Slot Arena.

Shareholders will also vote on a plan to acquire Hattrick Sports Group, which has betting businesses in Romania, Croatia and Spain.

Fortuna shares were down 1 percent at 104 crowns at 0808 GMT. The shares are up about 10 percent in the past 12 months.

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

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