April 7 (SeeNews) - The board of directors of Bulgarian express delivery company Speedy [BUL:SPDY] said on Wednesday that it considers a fair offer the buyout bid launched by France's Geopost for the remaining 30.19% stake in the company it does not currently own.
The 80 levs ($48/40.9 euro) per share price offered by Geopost complies with the legal requirements and is in line with Speedy's current state and the prospects for its development, Speedy said in a stock exchange filing.
You can subscribe to our M&A newsletter here
Last week, Speedy said that its new majority owner, France's Geopost, has launched a second buyout bid for the remaining interest in the company it does not currently own.
The French company was obliged by law to launch the buyout bid after its stake in Speedy exceeded 50% following its initial offer. Last month, Geopost acquired 45% interest in Speedy at a price of 58.67 levs per share, after it exercised a call option towards Speedy Group.
Currently, Geopost owns 69.81% interest in Speedy, while Speedy Group owns 20.09%.
As at 15:15 CET on Wednesday, shares in Speedy traded 0.63% lower at 79 levs on the Bulgarian Stock Exchange.
In 2014, Speedy acquired Geopost's units DPD Romania and Geopost Bulgaria, while Geopost agreed to acquire 25% of Speedy with the option to increase its stake to 70% by 2020.
(1 euro = 1.95583 levs)