SOFIA (Bulgaria), November 4 (SeeNews) – The board of Bulgarian veterinary drug maker Biovet [BUL:53B] said on Friday that the joint buyout bid of its majority owner Huvepharma and minority shareholder Opportunity 2009 is a fair offer, in line with Biovet's expected performance.
"In view of the company’s forecast economic parameters and the expectations for its development, we think that the offered price is fair," Biovet’s board said in a statement.
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On Monday, Huvepharma and Opportunity 2009 raised their buyout bid for the remaining 9.99% stake of Biovet which they do not already own to 15.11 levs per share ($8.57/7.72 euro) from 15.03 levs offered previously.
The deadline for accepting the offer is set at 28 days from the date of the announcement, and it can be extended to no more than 70 days depending on certain conditions.
Huvepharma owns 86.32% of Biovet's shares, whereas Opportunity 2009 has a 3.68% stake.
Biovet shares last traded on Tuesday on the Bulgarian Stock Exchange when they closed at 15.2 levs, up 1.33%.
(1 euro = 1.95583 levs)