February 14, 2018 / 1:28 PM / 2 years ago

Templeton says Fortbet offer for Fortuna does not fully reflect fair value

PRAGUE, Feb 14 (Reuters) - Betting firm Fortuna investor Templeton Emerging Markets Group said on Wednesday that offer by majority holder Fortbet for all Fortuna stock and a plan to delist the firm did not fully reflect the company’s fair value.

Templeton advises to holders of 10.6 percent of Fortuna stock.

“The Templeton Emerging Markets Group, a unit of Templeton Asset Management Ltd. believes that the revised price per share offered does not fully reflect the fair value of the company,” it said in a statement.

Fortbet, part of Czech-Slovak investment group Penta Investments and holder of 79.8 percent in the firm prior to the buyout, offered 182.5 crowns per Fortuna share.

That valued the firm at 9.49 billion crowns ($447.83 million).

Subscription runs until Feb. 23 and Fortuna was due to hold a general meeting on Feb. 15 on delisting the stock from the Prague and Warsaw exchanges. (Reporting by Jan Lopatka)

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