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Kazakhstan's Chagala Group receives another buyout offer

Chagala Group Ltd. said Realty Invest Holding LLP made an unconditional voluntary offer to acquire all of the Kazakhstan-based hotel company's shares and/or depositary interests for US$2.15 cash per share.

The offer price is 52% above the average price per Chagala share during the 12 months to Sept. 6, and represents a 39% premium over the US$1.55 per share that Asian Investment Management Services Ltd. is offering to buy the company.

The offer will remain open for acceptance until 1 p.m. on Sept. 28, according to a filing from Chagala. The company added that its directors have not made a recommendation pertaining to the offer.

If the takeover pushes through, Chagala CEO Francisco Parrilla will resign along with the company's directors, who will be replaced by nominees from Realty Invest.

As agreed upon under a preliminary settlement agreement signed June 26 between Chagala and TIPP Investment PCC, TIPP procured the voluntary unconditional offer forwarded by Realty Invest.