September 26, 2017 / 9:02 AM / a year ago

R2G lifts stake in Pegas Nonwovens to over 80 percent

PRAGUE, Sept 26 (Reuters) - Investor R2G Rohan Czech holds more than 80 percent of artificial textile maker Pegas Nonwovens after closing a voluntary takeover bid, it said on Tuesday.

R2G, previously the second largest shareholder in Pegas with a 10.82 percent stake, launched a bid in the summer of 1,010 crowns per share, valuing Prague-listed Pegas at 8.9 billion crowns ($404 million).

After the offer expired on Monday, it said that with accepted offers it would now hold a 80.99 percent stake while another 7.83 percent of shares were still under review, which could potentially boost its stake to 88.82 percent.

R2G, started in 2016 by businessman Oldrich Slemr and holding funds of more than 1 billion euros, won over early resistance to the bid from Pegas’s then largest shareholder, Wood Textiles Holding, part of Czech investment group Wood & Co.

“We are pleased with the outcome of our voluntary tender offer, which confirms that the offer price was attractive to shareholders,” Jakub Dyba, R2G’s head of direct investments, said.

“As the new majority owner of Pegas, we look forward to working with management and supporting the strategic growth of Pegas in Europe and beyond.”

Pegas runs eight production lines making non-woven fabrics for hygiene products in the Czech Republic. It also has a factory in Egypt and plans to invest in a South African plant. It has customers in Europe, the Middle East and Africa.

Its shares fell 1.5 percent on Tuesday to 987 crowns.

$1 = 22.0470 Czech crowns Reporting by Jason Hovet; Editing by Mark Potter

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