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Bulgarian regulator suspends Industrial Holding Doverie buyout bid for Hydroizomat

Author Mario Tanev
Bulgarian regulator suspends Industrial Holding Doverie buyout bid for Hydroizomat Author: Hydroizomat. License: All rights reserved.

SOFIA (Bulgaria), August 8 (SeeNews) - Bulgaria's financial regulator said it has temporarily suspended the publication of a buyout bid by local diversified group Industrial Holding Doverie for the remaining stake in insulation materials producer Hydroizomat [BUL:4HI] it does not already own.

Industrial Holding Doverie's buyout offer is targeting 279,870 Hydroizomat shares, the Financial Supervision Commission said in a statement on Tuesday.

The regulator did not disclose further details.

Industrial Holding Doverie announced its intentions to launch the buyout bid last month, saying it will offer 1.335 levs ($0.80/0.68 euro) per each of the shares it wants to acquire.

The targeted shares represent a 9.36% stake in Hydroizomat, according to bourse data.

The offer will expire 28 days after its publication.

Industrial Holding Doverie boosted its stake in Hydroizomat from 60.53% to 90.64% in several transactions throughout June.

Industrial Holding Doverie is a wholly owned unit of local group Doverie United Holding [BUL:5DOV]. Doverie United Holding owns directly a 78.5% stake in Industrial Holding Doverie, and the remaining 21.5% through its subsidiaries Homogen, United Health Insurance Fund Doverie and Medico 21.

(1 euro = 1.95583 levs)

 

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