Danubius Hotels Nyrt., a Budapest-based operator of hotels and resorts from London to Romania, jumped the most on record after its majority owners offered to buy all outstanding shares.
Danubius rose 43 percent to 7,950 forint by the close in Budapest after the group led by CP Holdings Ltd. offered 8,000 forint for the stock late Monday. About 57,600 shares were traded, almost 58 times the three-month daily average.
The bidders hold more than 80 percent of the company that operates about 7,500 hotel rooms in Hungary and eastern Europe, with some of its main offerings on the Danube river in Budapest. Net revenue at the company, which also manages a hotel in Regents Park, London, rose 5 percent to 52.3 billion forint ($189 million) in 2014.
“The offer is more favorable than conservative fair-value estimates,” David Sandor, the head of research at KBC Groep NV’s Hungarian brokerage, said in an e-mail. The price looks high enough for reaching a 90 percent stake, opening the way for a squeeze-out and de-listing, he said.
UniCredit SpA’s Hungarian unit and Concorde Ertekpapir Zrt. brokerage are managers for the offer. Aberdeen Asset Management Ltd., the company’s largest shareholder outside the group led by CP Holdings according to data compiled by Bloomberg, has agreed to sell 250,340 shares, Danubius said.