Sava Turizem d.d. agreed to acquire the remaining 13% stake in Hoteli Bernardin, d.d. (LJSE:HBPN) for 16.8 million in December 2019. Under the terms, Sava Turizem d.d. will issue 1.0473 shares of itself for every share in Hoteli Bernardin. Sava Turizem will issue a total shares of worth 16.8 million.
The transaction is subject to approval from shareholders of Sava Turizem and Hoteli Bernardin and approvals from creditors. The shareholders of Sava Turizem approved the merger with Hoteli Bernardin on February 27, 2020.