SOFIA (Bulgaria), July 12 (SeeNews) – Bulgaria’s financial regulator said it has allowed the publication of an improved buyout offer by Bulgaria’s Euroins Insurance Group (EIG) for the remaining 9.93% of the capital of its Sofia-based subsidiary Euroins [BUL:5IC] it does not already own.
EIG is offering to pay 1.3 levs ($0.76/0.66 euro) per each of the 1.6 million shares it wants to acquire, the Financial Supervision Commission said in a statement on Tuesday.
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On Tuesday, Euroins said it received notification from EIG that the company has made technical corrections to the buyout bid, not concerning the offered price.
The initial offer, launched in April, was priced at 1.266 levs per share. The offer was subsequently sweetened in June to 1.3 levs.
Euroins shares last traded on Monday, closing unchanged at 1.299 levs.
(1 euro = 1.95583 levs)
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