Galatasaray to offer 116.74 liras per minority share

Galatasaray, the Turkish soccer club that won the UEFA Cup in 2000, will offer shareholders in its merchandising unit 116.74 Turkish Liras per share for the 37.1 percent of the company that is traded on the Istanbul Stock Exchange.

Galatasaray will apply to the market regulator to make the offer for shares in Galatasaray Sportif Sinai & Yatırımlar, according to a filing with the exchange. The share offer is being made before a planned merger of the unit with its parent.

The club also got a $70 million loan from four banks, including Halkbank and Şekerbank, daily Hürriyet reported, citing Chairman Adnan Polat. Denizbank arranged the loan and also participated, it said.

The funding will help with Galatasaray projects including the merger with the merchandising unit and the construction of a new stadium, Polat said.