Ivan Savvidis (Belterra) continues to buy shares of TPA from the Athens Stock Exchange, above the public offer announced by Leonidsport. So, therefore, with share purchase orders, he is not leaving Dreyfus much room for maneuver, as the share remains above €27 (public offer). On Friday, it closed at €27.3, down 0.36%.

WILL THEY RAISE THE PRICE?

Leonidsport has announced that it will not increase the price for PPA, as it considers the price to be reasonable for a company that, when Ivan Savvidis bought it, he got it for around €26. It will be recalled that the shares hit a high of €29.5 after Leonidsport's public offer, but the company did not raise the price. 

ASKS FOR MORE

Against this backdrop, on Friday evening, PPA released a report that valued the share price much higher. Others believe that this is a deal that is not going to happen, while many believe that this is a tactical move on Savvidis' part. However, based on the report and the reasoned opinion of the company's board of directors on the public offer, PPA says the following:

• The Public Offer provides the Company's shareholders with the possibility of disinvestment in exchange for a cash consideration
• The offered price (€ 27.00 per share) does not fall within the range of value per share determined by the independent consultant, i.e., € 38.88 to 44.08 per share, and in particular falls 44.00% to 63.27% below the range of value per share determined by the consultant's report.

In any case, it remains to be seen what Leonidsport's next move will be, as Savvidis' side has raised the bar considerably...