The saga continues for the acquisition of 21% of PPA by the Dreyfus family, which submitted an optional public offer with an acquisition price of €27 per share. However, market sources say that Ivan Savvidis continues to buy shares at prices above the public offer, pushing the stock to new highs. In essence, that is, he is trying to cancel the proposal, leading Leonidsport to adjust its strategy. 

THE MARKETS

In particular, Mr Savvidis' Belterra continues to buy and has added another 11,000 shares of PPA to its portfolio at a price of €28.8756. Savvidis' side had been buying shares throughout last week at prices higher than €27. Buying interest in PPA shares has already pushed the price above €29. Leonidsport has so far raised at a price of €27, representing 2.6% of the share capital. 

WILL THE PRICE GO UP?

With the share price at current levels, the market is waiting for Dreyfus' next moves. Reports suggest that the landscape surrounding Leonodisport's moves will clear up in the coming days, as the fortnight of the prospectus expires. Therefore, it will be seen whether it will want to raise the price of the public offer, a possibility that is open. 

THE SAVVIDIS SIDE

For its part, Belterra's actions seem to contradict the information that has been circulating for a long time, namely that it wants to divest from PPA and that the public offer was made in consultation with the potential investor. However, others stress that this may be a tactic by Ivan Savvidis to increase the share price and the potential price of his own stake. 

THE PRICE

In any case, stock market analysts tell BnB Daily that indeed the price of Leonidsport is low. This is because it is fifty cents above Belterra's public offer, and since the port has seen investment, PPA's numbers are strong, highlighting the port's role as a hub in the Balkans.