OPTE share closed at HRK 5.02 per share, noting an increase of 18.12%.

After Friday’s announcement that Zagrebačka banka (ZABA) and HT have signed an agreement with Telemach Hrvatska (priorly TELE2) on the sale and purchase of the shares of the OPTE, Monday brought a surge in OPTE share. To be specifc, Optima Telekom’s share price increased by as much as 18.12% yesterday, closing at HRK 5.02 per share.

OPTE ended up being the most traded share on ZSE, with a turnover of HRK 1.54m.

The increase in share price does not come as a surprise given that the aforementioned sale and purchase agreement should trigger a takeover bid for the rest of Optima Telekom shares. Thus, the minority shareholders should receive a 3 month volume weighted average price (share price in the regulated market within 8 April and 8 July 2021 period), meaning HRK 5.36 per share. Therefore, the convergence towards the mentioned price made sense. The closing of the transaction is subject to the regulatory approvals and other agreed contractual conditions and is expected by the end of 2021. To read more about the acquisition, click here.