Ljubljana, 01 February (STA) - A company controlled by a joint venture of the insurer Zavarovalnica Triglav and the German asset management firm KGAL published a EUR 21.9m takeover bid for Nama, Ljubljana's prime department store.
The bid, published by Ljubljanica, a company owned by Trigal, the joint venture of Triglav and KGAL, is offering EUR 23 for each of the 953,795 Nama shares. Ljubljanica does not hold any shares yet.
The notice, published in Friday's edition of the newspaper Delo, does not state a threshold for the success of the takeover bid, which is open between 2 February and 4 March.
Nama shares most recently traded at EUR 20 on the Ljubljana Stock Exchange.
Nama's largest owners, Zavarovalnica Triglav, its asset manager Triglav Skladi and the fellow insurer Adriatic Slovenica, tried to sell the company in 2016 and 2017, but did not receive any binding bids.
Based in Ljubljana, Nama was Slovenia's first department store, established in 1946. It also owns a department store in Škofja Loka and real estate.
Undergoing restructuring, Nama generated EUR 10.8m in net sales revenue in the first three quarters of 2018, down 2.6% on the same period a year before. It made a net loss of EUR 147,000, after posting a net profit of EUR 210,000 in the first three quarters of 2017.