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Bulgarian regulator approves Industrialen Holding-Doverie buyout bid for Maritzatex

Bulgarian regulator approves Industrialen Holding-Doverie buyout bid for Maritzatex Financial Supervision Commission/All rights reserved.

SOFIA (Bulgaria), January 21 (SeeNews) - Bulgaria's financial regulator said that it has allowed the publication of a revised buyout offer by Industrialen Holding-Doverie for the remaining 46,674 shares it does not control in real estate management company Maritzatex.

The Financial Supervision Commission (FSC) did not provide further details in its statement published on Thursday.

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Industrialen Holding-Doverie is offering to pay 0.65 levs ($0.38/0.33 euro) apiece for the 9.95% stake it wants to acquire, according to previously disclosed data.

The FSC temporarily banned the previous bid on December 7, requesting from Industrialen Holding-Doverie to fix the fair value of a share in Maritzatex.

The shares' fair value is calculated at 0.15 levs in the revised offer, down from 0.65 levs in Industrialen Holding-Doverie's previous bid.

The bidder intends to delist Maritzatex from the Bulgarian Stock Exchange.

Until suspending its core activities in 2010, Maritzatex was a textile producer, specialised in yarn, cotton and cotton-type fabric and knitwear. The company recorded a net loss of 259,000 levs for 2020, according to its last annual financial report.

Industrialen Holding-Doverie is part of local group Doverie-United Holding.

(1 euro = 1.95583 levs)

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