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May 16, 2017 18:36 EEST
SOFIA (Bulgaria), May 16 (SeeNews) – Bulgaria's financial regulator said on Tuesday it temporarily banned the publishing of a buyout offer by Euroins Insurance Group (EIG) for the remaining 9.93% of the share capital of Sofia-based insurer Euroins [BUL:5IC] it does not already own.
The Financial Supervision Commission provided no details in its notice.
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In April, EIG, part of financial and insurance group Eurohold Bulgaria [BUL:4EH], launched a buyout bid for the 1.6 million shares in Euroins it did not own, at a price of 1.266 levs ($0.72/0.65 euro) apiece.
On March 31, EIG increased its shareholding interest in Euroins to over 90% of the voting rights.
"The goal is for EIG and Eurohold Bulgaria, its majority shareholder, to wholly consolidate their stakes in all their subsidiaries in Southeast Europe", Jeroen van Leeuwen, EIG's chief operating officer, said at the time.
Euroins shares closed at 1.251 levs on Tuesday, unchanged from the previous closing price, as 2,000 units changed hands on the Sofia bourse.
(1 euro = 1.95583 levs)
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