Greece seeks improved final offer for OPAP stake
Emma Delta is now final bidder from initial eight interested parties
The government agency in charge of selling Greece’s 33% stake in gambling monopoly OPAP has asked for an improved offer from the final remaining bidder, Emma Delta.
The Hellenic Republic Asset Development Fund (HRADF), which considered offers submitted by both Emma Delta and Third Point for the stake yesterday, decided not to unseal the latter’s bid. HRADF will convene again on this matter within a week.
Emma Delta is a fund advised by Emma Delta Management which is beneficially owned by Jiri Å mejc (66.7%) and George Melisanidis (33.3%). Å mejc is CEO of consumer finance company Home Credit Group and serves as head of asset management at PPF Group, one of the largest investment and finance groups in Central and Eastern Europe.
Melisanidis is a Greek business magnate and founder and president of Aegean Marine Petroleum, the second largest oil company in Greece. He is a member of the Forbes list of the world’s 500 richest people.
New York-based Third Point is a hedge fund founded by Daniel Loeb which manages around $9.3bn in assets. It has already made moves to cash in on Greece’s financial woes, investing heavily in distressed government bonds and banking on long-term improvements.
Analysts have valued the government’s stake at close to 1bn given the operator’s market dominance and proposed plans to enter other regulated markets and diversify its offering into online gaming in the near future.