February 13 (SeeNews) - Bulgarian packaging products manufacturer Fort has increased its buyout offer for the remaining 122,227 shares it does not already own in local peer Unipack [BUL:3U9] to 9.303 levs ($5.06/4.76 euro), Unipack [BUL:3U9] said.
The number of shares which Fort wants to buy is equivalent to 5.4% of the company’s share capital, Unipack said in a statement on Friday.
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The initial offer, launched in December, was priced at 8.355 levs per share, according to figures from Unipack’s 2016 annual financial report.
On January 13, the Bulgarian financial regulator said it had temporarily banned Fort’s buyout offer.
Fort owns a 94.6% stake in Unipack, including direct ownership of 54.7%. The company owns the remaining 39.9% stake indirectly, under an agreement for joint management of Unipack signed with two other shareholders – International Packaging, which owns 39.6%, and Dimitar Georgiev, who owns 0.3%.
Unipack AD, founded in 1967, produces packaging and paper materials. It is based in the town of Pavlikeni, in northern Bulgaria.
(1 euro = 1.95583 levs)