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PRAGUE, July 17 (Reuters) - Czech investment group R2G plans to launch a tender offer to all shareholders in Prague-listed artificial textile maker Pegas Nonwovens at an 8 percent premium over the company’s closing price last week, it said on Monday.
The R2G investment vehicle R2G Rohan Czech said in a statement it would offer a price of 1,010 crowns ($44.50) per share and added it would submit the offer document to the Czech National Bank for approval.
R2G is Pegas’ second biggest shareholder with 6.6 percent as of mid-June. Wood Textiles Holding owns a quarter of shares.
“R2G Rohan, as a long-term investor, will support the strategic growth of Pegas in Europe and beyond, and will be a partner to the Pegas management,” R2G said.
“R2G Rohan believes that it is in the long-term interests of Pegas to accumulate cash in order to enable it to undertake acquisitions in the nonwovens sector.”
Pegas, with a market capitalisation of 8.7 billion crowns ($383 million), runs eight production lines in the Czech Republic. It has launched a factory in Egypt and plans to invest in a South African plant.
It manufactures nonwoven fabrics used in hygiene products. Its main customers are in Europe, the Middle East and Africa.
R2G, with funds of more than 1 billion euros ($1.15 billion), was started in 2016 by businessman Oldrich Slemr after he and his business partner sold CGS Holding tire group to Sweden’s Trelleborg for 31 billion crowns.
The group also manages the family money of Eduard Kucera and Pavel Baudis, the founders of Czech security software group Avast. ($1 = 22.6940 Czech crowns) ($1 = 0.8711 euros) (Reporting by Jason Hovet; Editing by Toby Chopra)