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Bulgaria’s Euroins finds Euroins Insurance Group's buyout bid fair

Author Mario Tanev
Bulgaria’s Euroins finds Euroins Insurance Group's buyout bid fair Eurohold/All rights reserved.

SOFIA (Bulgaria), June 20 (SeeNews) - The board of Bulgarian insurance company Euroins said on Tuesday that the buyout bid submitted by majority owner Euroins Insurance Group (EIG) is a fair offer to the other company shareholders.

“The offered price is in line with regulatory requirements and is fair to the shareholders, with view to EIG’s plans for the future development of the company,” Euroins said in a bourse filing.

Last week Euroins said it was notified by EIG the price of the buyout offer had been increased. The increased offer values each of the 14,834,631 shares EIG wants to acquire at 1.27 levs ($0.73/0.65 euro), Euroins said at the time.

In May, the Bulgarian financial regulator said it had temporarily suspended EIG’s buyout bid for the 9.93% it does not already own in Euroins.

The initial offer, launched in April, was priced at 1.266 levs per share.

Euroins shares were last traded on Monday, when they closed 0.08% higher at 1.251 levs.

(1 euro = 1.95583 levs)

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