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Bulgarian financial regulator allows publication of ZMM buyout bid for IHB Electric

Bulgarian financial regulator allows publication of ZMM buyout bid for IHB Electric IHB Electric / All rights reserved.

SOFIA (Bulgaria), October 6 (SeeNews) - The Bulgarian financial regulator said it has allowed the publication of a buyout offer by ZMM Bulgaria Holding for the remaining stake in IHB Electric it does not already own at a price of 10.59 levs ($6.33/5.41 euro) apiece.

However, before publishing the offer ZMM Bulgaria Holding has to resolve some of the technical problems with the offer and present it again to the FSC so it could be entered in its register, the regulator said in a statement on Wednesday.

ZMM Bulgaria Holding held a 93.96% stake in IHB Electic in May, when it notified the FSC of its intention to launch a buyout bid.

Following the buyout transaction, ZMM Bulgaria Holding plans to delist IHB Electic from the Sofia bourse, it said at the time.

ZMM Bulgaria Holding is a unit of Industrial Holding Bulgaria [BUL:4ID].

IHB Electric produces hydro power generators, electric motors, turn-key electro-mechanical equipment and provides services for hydro power plants, pumping stations and irrigation systems.

(1 euro = 1.95583 levs)

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