November 23 (SeeNews) - Bulgarian cellulose producer Svilosa [BUL:3MZ] said on Friday that its majority owner - local A.R.U.S. Holding, has sweetened its buyout bid for the remaining 6.74% stake in the company it does not already own to 5.5 levs ($3.19/2.81 euro) per share.
The initial offer, priced at 4.7 levs per share, was temporarily suspended by the financial regulator earlier this month.
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A.R.U.S. Holding is seeking to acquire 2,139,070 Svilosa shares, Svilosa said in a bourse filing.
A.R.U.S. Holding owns a 80.67% stake in Svilosa directly. On October 10, A.R.U.S. Holding signed an agreement with Luxembourg-based KBD SA for joint management of Svilosa, in accordance to which A.R.U.S. Holding's direct and indirect stake in the Bulgarian cellolose producer increased to 93.26%.
After A.R.U.S. Holding carries out the buyout bid, it intends to delist Svilosa from the Bulgarian Stock Exchange.
The Financial Supervision Commission has not yet allowed publication of the updated buyout bid.
According to data from the commercial register, private individual Krasimir Dachev holds a 90% stake in A.R.U.S. Holding, while another private individual - Albena Badeva, owns the remaining 10%.
Svilosa, through its unit Svilocell, is the largest producer of bleached kraft pulp in Bulgaria.
(1 euro = 1.95583 levs)