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Bulgaria's Euroins Insurance Group launches buyout bid for Euroins

Author Mario Tanev
Bulgaria's Euroins Insurance Group launches buyout bid for Euroins Eurohold/All rights reserved.

SOFIA (Bulgaria), April 13 (SeeNews) - Bulgaria’s Euroins Insurance Group (EIG), part of financial and insurance group Eurohold Bulgaria [BUL:4EH], has launched a buyout bid for the remaining 9.93% of the capital of its Sofia-based subsidiary Euroins [BUL:5IC] it does not already own, Euroins said on Thursday.

EIG has offered to pay 1.266 levs ($0.69/0.65 euro) for each of the 14,834,631 shares it wants to acquire, Euroins said in a bourse filing.

Last week, EIG said it has increased its stake in Euroins to over 90% of the voting rights on March 31.

"The goal is for EIG and Eurohold Bulgaria, its majority shareholder, to wholly consolidate their stakes in all their subsidiaries in Southeast Europe", Jeroen van Leeuwen, EIG's chief operating officer, said last week.

Euroins shares closed at 1.25 levs on Thursday, without change from the previous closing price.

(1 euro = 1.95583 levs)

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