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Board of Bulgaria's Torgoterm finds Metalcomplektengineering buyout offer fair

Author Mario Tanev
Board of Bulgaria's Torgoterm finds Metalcomplektengineering buyout offer fair Author: Ken Teegardin. License: Creative Commons, Attribution 2.0 Generic.

SOFIA (Bulgaria), April 16 (SeeNews) - Bulgarian commercial kitchen equipment manufacturer Torgoterm [BUL:TTV] said on Monday that the buyout bid submitted by its majority owner Metalcomplektengineering is a fair offer to the company’s minority shareholders.

Torgoterm's board of directors has concluded that the price set by Metalcomplektengineering is in line with legal requirements and is fair considering the company's current state, Torgoterm said in a statement.

On Friday, Torgoterm said that Metalcomplektengineering has launched a bid for the remaining 2.28% shareholding interest in the company it does not already own.

Metalcomplektengineering is offering to pay 6.0 levs ($3.8/3.1 euro) per each of the 68,464 shares it wants to acquire and does not intend to make any changes to Torgoterm's core activities following the takeover of the minority stake, Torgoterm said at the time.

Torgoterm, established in 1965, manufactures and imports professional kitchen equipment. The company exports around 80% of its output to Spain, Italy, France and other countries.

Metalcomplektengineering acquired a majority stake in Torgoterm in 2006.

(1 euro = 1.95583 levs)