You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Bulgaria's Doverie-Invest publishes buyout bid for Moldova's Moldindconbank

Author Mario Tanev
Bulgaria's Doverie-Invest publishes buyout bid for Moldova's Moldindconbank wrangler/

SOFIA (Bulgaria), May 29 (SeeNews) - Bulgaria's Doverie United Holding [BUL:5DOV] said on Wednesday that its unit Doverie-Invest has published a buyout bid for the remaining 1,770,906 shares in Moldova's Moldindconbank it does not own yet priced at 240.74 lei ($56.4/50.6 euro) per share.

The minority shareholders of Moldindconbank have 14 days to accept the offer, Doverie United Holding said in a filing to the Bulgarian Stock Exchange.

In March, Doverie-Invest completed the purchase of a 63.8865% stake in Moldindconbank (MICB) after winning a public tender launched at a starting price of 76.6 million Bulgarian levs for a total of 3,173,751 shares.

In accordance with Moldovan legislation, Doverie-Invest was obliged to make the offer to buy the remaining shares in MICB within 90 days of signing the contract for the acquisition of the majority stake. Until then Doverie-Invest is able to vote with no more than 25% of all shares it holds in MICB.

MICB is currently under the temporary administration of Moldova's central bank, BNM, for six months as of April 20.

Moldova had been trying to sell the majority stake in its second largest bank since April 2018, when it confiscated it from shareholders who operated in a non-transparent way.

(1 euro = 4.7602 lei)