July 16 (SeeNews) - Bulgaria's Belovo Paper Mill [BUL:58B] said on Monday that its board has found the planned buyout bid of Luxembourg's Pabolux for the remaining 436,858 shares in the company it does not already own a fair offer to the minority shareholders.
The offered price of 2.25 levs ($1.34/1.15 euro) per share is in line with the legal requirements, Belovo Paper Mill said in a bourse filing.
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The 436,858 shares represent a 7.61% stake in Belovo Paper Mill.
The Financial Supervision Commission has not yet given the green light to the publication of the draft buyout offer.
The deadline for accepting the offer will be 28 days since its publication.
After completion of the buyout bid, Pabolux intends to delist Belovo Paper Mill from the Bulgarian Stock Exchange.
Pabolux will also consider increasing Belovos' capital, depending on the need to finance the paper mill's investment programme or outstanding debt.
Pabolux currently owns directly 3,403,594 Belovo Paper Mill shares, representing a 59.21% stake. Pabolux increased its ownership by 24.32% on June 28, when it purchased 1,398,425 Belovo Paper Mill shares for an undisclosed price.
Pabolux owns a further 33.18% stake in Belovo Paper Mill indirectly, through an agreement for join control over the company with Luxembourg's Padilux.
Belovo Paper Mill shares last traded on the Bulgarian Stock Exchange at 2.0 levs apiece.
(1 euro = 1.95583 levs)