Black Sea Global Properties this morning submitted a recommended bid for Rutley European Property.

Black Sea Global, run by Romanian architect-turned-entrepreneur Dinu Patriciu, is offering 7.25p a share in cash, which values the London-listed Rutley European at £15.2m. Including Rutley European's net debt of £434m, the enterprise value is £449.2m.

Today's revised bid is an increase on the 6p a share offer, which Black Sea Global a month ago.

Black Sea’s offer represents a premium of 150% to the closing price of Rutley’s shares on 27 March 2009, the last day before Rutley announced it had received takeover offers.

Patriciu said: ‘We are pleased to have secured a recommendation for our offer which is designed to accommodate those shareholders who are seeking a cash exit as well as those who wish to remain invested.

‘Assuming we achieve control of Rutley via the offer, we intend to stabilise the company's financial position and take other measures to improve the company's performance.’

David Pinckney, chairman of Rutley, said: ‘The offer from Black Sea Global Properties represents an opportunity for Rutley European shareholders to realise a cash sum for their holding now, which may not otherwise be available given the illiquidity of Rutley European’s shares.

‘The offer provides liquidity, choice and certainty. Shareholders wanting to exit can do so whilst others, including myself, may choose to remain invested in the company with the support of Black Sea Global Properties.’

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