Emma Delta Last Chance For OPAP

Monday April 22, 2013 : EMMA DELTA LAST ONE STANDING IN OPAP SALE (Update)
 
Third Point falls by the wayside
 
Emma Delta, a fund advised by Emma Delta Management Ltd which is beneficially owned by Czech investor Jiri Smejc (66,7 percent) and Greek shipping tycoon George Melisanidis (33,3 percent) is the last bidder left in the sale of a 33 percent shareholding in the Hellenic Football Prognostics Organisation S.A. (OPAP) as US. fund Third Point was reported to have been disqualified for reasons unknown.
 
According to Reuters, Emma Delta has offered Euro 622 million for the stake in OPAP, around half way between the National Bank and Deutsche Bank advisors estimate of the stake's worth of Euro 610 million and an independent advisor’s of Euro 650 million.

The board of the Hellenic Republic Asset Development Fund, the privatisation agency facilitating the sale, is reported to be meeting to discuss how to proceed with the sale.