No success threshold has been set for the bid published in the newspaper Dnevnik on Monday and set to expire on 28 November.

The bid has been coordinated with the Bank Asset Management Company (BAMC), which owns some 38% of Hoteli Bernardin, insurer Zavarovalnica Triglav, which owns more than 3%, and the state-run KAD fund, which owns 3,276 out of a total of 16,046,700 shares of Hoteli Bernardin.

Sava chairman Gregor Rovanšek told the STA in late September that the takeover would be an important step in consolidating the ownership of hotel managers Sava Turizem, Hoteli Bernardin and Istrabenz Turizem.

This should create the conditions for operative consolidation that would create synergy effects and thus increase the companies' net value.

To finance the takeover, Sava owners - Slovenian Sovereign Holding, KAD and the Luxembourg-based York Fund - recently injected EUR 4.7m into Sava.

Shares of Hoteli Bernardin are not being traded on an organised security market. The company generated EUR 28.58m in service revenue last year, an increase of 3% compared to 2016. Its net profit tripled, exceeding EUR 892,000.