Kazakhstan-based Chagala Group Ltd. said Realty Invest Holding LLP's cash offer to buy all of Chagala's shares and/or depositary interests for US$2.15 per share has closed and has not been extended.

Valid acceptances were tendered for a total of 14,254,951 Chagala shares, including shares represented by Chagala depositary interests. The shares are equivalent to roughly 67.08% of the hotel group's issued share capital at the time of the closing of the offer, according to a release.

Chagala has agreed to fulfill Realty Invest's request to appoint Borko Moric and Bojan Moric as directors, effective Oct. 11.

Chagala added that as at Oct. 11, the direction notices from June 10, 2016, that were issued by its directors to certain shareholders of the company will be canceled in accordance with the settlement agreement between Chagala, TIPP Investments PCC and certain other defendants in a litigation in the British Virgin Islands that was initiated by TIPP.