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Czech ECM Real Estate gets takover offer

Fri Nov 14, 2008 2:33am EST

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PRAGUE, Nov 14 (Reuters) - Closely-held ECM Group launched a bid on Friday to take private its listed affiliate ECM Real Estate Investments (ECMPsp.PR), which it had floated in 2006.

In an announcement in daily Hospodarske Noviny, ECM Group said it was offering 303 crowns a share in a bid intended to focus the company on long-term targets in the face of volatile markets and to protect it from a speculative takeover.

The bid is valid until Dec. 12 but can be withdrawn if the developer's share price falls to or below 224 crown or rises to or above 330 crowns, according to the announcement.

ECM Group owns 30 percent of the developer and is controlled by its founder Milan Janku.

The stock closed 0.2 higher at 294 crowns on Thursday versus a 6.08 drop for the Prague's main PX index .PX. (Reporting by Jana Mlcochova; Editing by David Holmes)



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