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Oct 22, 2007 16:31 EEST
October 22 (SeeNews) - Bulgaria’s Financial Supervision Commission (FSC) on Monday said it has approved AIG Global Investment Group's (AIGGIG) increased buyout bid for Bulgaria’s dominant fixed-line telecoms operator BTC.
The commission has approved the bid offering 11.30 levs ($8.23/5.78 euro) per BTC share, the FSC said in a statement.
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AIGGIG, through its unit Nef Telecom Bulgaria, offered to pay 10.73 levs in its initial buyout bid, which was banned temporarily by the Bulgarian financial regulator until deficiencies in documentation were fixed.
The group controls 90.07% of BTC’s capital, according to latest data available, and plans to delist the telecoms operator from the Bulgarian Stock Exchange (BSE).
BTC shares closed virtually flat at 10.86 levs in volume of some 4,360 shares.
Earlier this year AIGGIG agreed to buy a 65% stake in BTC for 1.08 billion euro (1.5 billion) from Novator, a company of Icelandic tycoon Thor Bjorgolfsson. The acquisition price per share was set at 11.25 levs, including the 2006 dividend of 0.55 levs per share.
(1 euro = 1.95583 Bulgarian levs)
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