August 22 (SeeNews) - Bulgarian veterinary drug maker Biovet's [BUL:53B] shares traded higher on the Sofia stock exchange on Monday morning, after on Friday the country financial regulator decided to temporarily halt a buyout offer for a stake in the company by its majority shareholder Huvepharma and minority shareholder Opportunity 2009.
Biovet traded 0.52% higher by noon, at 13.52 levs ($7.8/6.9 euro), as 5,814 shares had changed in the morning, bourse data showed.
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In July, the two shareholders proposed to acquire the remaining 9.99% stake in Biovet that they do not already own, offering 13.30 levs per share for a total of 677,998 company shares.
Huvepharma owns 86.32% of Biovet's shares, whereas Opportunity 2009 controls 3.68%.
The two companies signed on July 18 an agreement on joint management of Biovet. At the time they said they plan to delist Biovet from the Sofia stock exchange but do not intend to restructure the company, nor make changes in its capital.
Biovet has production plants in the towns of Peshtera, Botevgrad, and Razgrad. Some 90% of its products are exported.
Huvepharma focuses on the production and distribution of animal pharmaceutical products and animal feeds, as well as active pharmaceutical ingredients for use in animal and human pharmaceuticals.
(1 euro = 1.95583 levs)