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Board of Bulgaria’s Euroins says EIG's buyout bid is fair

Author Mario Tanev
Board of Bulgaria’s Euroins says EIG's buyout bid is fair Eurohold/All rights reserved.

SOFIA (Bulgaria), July 6 (SeeNews) - The board of Bulgarian insurance company Euroins said on Thursday that the buyout bid submitted by majority owner Euroins Insurance Group (EIG) is a fair offer to the other company shareholders.

“The offered price is in line with the regulatory requirements and is fair to the shareholders,” Euroins said in a bourse filing.

Last week, Euroins said it was notified by EIG the price of the buyout offer had been increased to 1.3 levs ($0.76/0.66 euro) per each of the 1.6 million shares EIG wants to acquire.

The initial offer for the shares, which represent 9.93% of Euroins’ share capital, was launched in April at a price of 1.266 levs per share. Subsequently, EIG sweetened its buyout bid to 1.27 levs per share at the beginning of June.

Euroins Insurance Group (EIG) is part of insurance holding company Eurohold Bulgaria.

Euroins shares were last traded on Tuesday when they closed 2.28% higher at 1.299 levs.

(1 euro = 1.95583 levs)