March 2 (SeeNews) - The Bulgarian financial regulator said it has issued a definitive ban on the publishing of drug maker Sopharma’s [BUL:3JR] buyout bid for a 22.37% stake in its local peer Unipharm [BUL:59X] which it does not already own.
The ban has been issued due to an inaccurate calculation of the fair price of Unipharm’s shares, the Financial Supervision Commission (FSC) said in a statement on Tuesday.
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In February, Unipharm said its majority owner Sopharma has increased its buyout offer for the remaining 1,342,234 shares it does not already own in Unipharm to 4.35 levs ($2.4/2.2 euro) per share. In January, the FSC said it had temporarily banned Sopharma's initial buyout offer.
In December, Sopharma increased its stake in Unipharm by acquiring a further 8.87%.
Sopharma's shares traded 1.37% lower at 3.6 levs as at 13:30 CET on Thursday.
(1 euro = 1.95583 levs)