TAIPED asks Lamda to up Elliniko bid

After opening Lamda Development’s bid for the development of the plot of the old Athens airport at Elliniko on Wednesday and deeming it unsatisfactory, state privatization fund TAIPED has asked the firm to raise its offer.

TAIPED’s board initially gave the consortium led by the Greek construction company until next Monday to submit an improved offer, but Lamda said that was too soon, so TAIPED gave it two additional days, until Wednesday, March 26.

The price Lamda offered has not been made public upon a pledge to that end by those present at the opening of the bid. TAIPED has also stopped short of announcing the range of prices that independent surveyor Happold Consulting gave the fund, which was also unsealed on Wednesday.

The financial consultants and TAIPED’s independent surveyor will submit reports including a fairness opinion following the submission of the improved bid from the interested investor. TAIPED’s governing board will take these into account along with the proposal by the experts’ council when deciding whether to accept the offer or declare the tender for the development of the plot void.