SOFIA (Bulgaria), October 11 (SeeNews) – AIG Global Investment Group (AIGGIG), majority owner of Bulgaria’s dominant fixed-line telecoms operator, BTC, said on Thursday it has raised its buyout bid for the minority stake by over 5.0%.
It will offer to pay 11.30 levs ($8.23/5.78 euro) for each of the 28,663,960 shares in BTC it does not own, Nef Telecom Bulgaria, an AIGGIG unit, said in a statement.
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The group offered to pay 10.73 levs in its initial buyout bid, which was banned temporarily by the Bulgarian financial regulator until deficiencies in documentation were fixed.
AIGGIG controls 90.07% of BTC’s capital and plans to delist the telecoms operator from the Bulgarian Stock Exchange (BSE). Shares in BTC, part of the blue-chip SOFIX index of the BSE, closed 5.62% lower at 10.10 levs on Thursday.
Earlier this year AIGGIG agreed to buy a 65% stake in BTC for 1.08 billion euro from Novator, a company of Icelandic tycoon Thor Bjorgolfsson. The acquisition price per share was set at 11.25 levs, including the 2006 dividend of 0.55 levs per share.
(1 euro = 1.95583 Bulgarian levs)