Sazka offer may not impress OPAP shareholders

The principal objective of the public proposal put forward by main shareholder Sazka Group for the acquisition of up to 67 percent of OPAP is the incorporation of the Greek gaming firm's results in those of the company founded by Karel Komarek.

The Czech businessman indirectly controls 23.7 percent of OPAP. On Monday, Sazka offered the other shareholders 9.12 euros per share, with the aim of raising his stake to at least 33.4 percent.

If he succeeds, OPAP will count toward the Sazka Group's net position, given that he already has a major say in the running of the Greek firm. Komarek controls two-thirds of Emma Delta, the vehicle that controls 33.3 percent of OPAP as well as its management. The other third of Emma Delta belongs to Georgiella Holdings of the Melissanidis family.

However, the price being offered has failed to excite investors, being 9 percent...