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Bulgaria's EIG increases stake in Euroins in buyout bid

Bulgaria's EIG increases stake in Euroins in buyout bid Ministry of Economy/All rights reserved.

SOFIA (Bulgaria), August 11 (SeeNews) - Bulgaria’s Euroins Insurance Group (EIG) has acquired 796,152 shares in its Sofia-based subsidiary Euroins [BUL:5IC] in a buyout bid priced at 1.3 levs ($0.75/0.66 euro) per share, Euroins said on Friday.

A total of 68 Euroins shareholders have accepted EIG’s buyout offer, Euroins said in a bourse filing.

In June, EIG increased the price, at which it proposed to buy the remaining 1.6 million shares in Euroins it did not own at the time, to 1.3 levs. EIG owned 90.07% of the share capital of Euroins at the time.

The initial offer, launched in April, was priced at 1.266 levs per share and was subsequently increased to 2.7 levs apiece.

As at 1530 CET on Friday, Euroins shares were traded 0.55% higher at 1.28 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)

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