OPAP offers to be opened, all eyes on price

Monday is crunch time for Greece’s biggest privatization project since the country entered the bailout mechanism three years ago, as the state privatization fund (TAIPED) is set to open the offers tabled by Emma Delta and Third Point for the state’s 33 percent stake in the OPAP gaming company.

The market appears to be satisfied with the bidders and now the key question that remains unanswered is the price offered for the controlling stake in the Greek betting monopoly. Market sources say that if the price exceeds 7 euros per share (its share price on the bourse ended Friday’s session at 7.02 euros) then the government and TAIPED will be in a stronger position to defend the sell-off politically.

As the fund will concede 105 million OPAP shares, a 7-euros-per-share offer would fetch 735 million euros, with gaming market experts saying that a sale upward of 700 million euros would be a success.

While in the past such a price would have seemed low, given that the strategic investor will also acquire OPAP’s management, anything above that level would be seen as a considerable success for the government.

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