New Europe Property Investments has made a takeover offer for the Central European company Carpathian.

The company said in a Stock Exchange announcement today that it has approached the board of Carpathian with a potential offer to acquire the entire issued share capital at a price of €0.20 a share in cash valuing the company at €46.4m.

It said it reserves the right to make an offer for the AIM-listed Carpathian, formerly known as Dawnay Day Carpathian, at a lower price with the recommendation of the board of Carpathian. It also reserves the right to vary the offer that may be made.

'This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Takeover Code and, at this stage, there can be no certainty that an offer or any other transaction will occur,' it said.

In October last year Carpathian, appointed corporate finance advisory firm Hawkpoint Partners to carry out a strategic review to help the board ‘consider alternatives available to the company to maximise value for shareholders.

At the time its share price was so depressed it was standing at an 87% discount to net asset value.

Shares in Carpathian, which manages a portfolio across Hungary, Czech Republic, Poland and Lithuania, were up 7% at 15.5p in early trading today.