July 24 (SeeNews) - Bulgarian packaging products manufacturer Unipack [BUL:3U9] said on Monday its majority owner Fort has acquired a further 1,622 shares in the company at a price of 9.84 levs ($5.86/5.03 euro) apiece.
Three shareholders have availed themselves of the right to ask Fort to acquire their shares in Unipack after Fort increased its stake in the company to over 95% in a buyout bid last month, Unipack said in a statement.
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Under Bulgarian law, after Fort’s stake in Unipack surpassed 95% as a result of a buyout bid, existing shareholders have a three-month period to ask Fort to acquire their shares at a price equal to the one offered in the buyout offer. Fort is obliged to acquire the shares within 30 days after receiving notification from the shareholders.
Last month, Fort raised its stake in Unipack to 96.69% from 94.6% in a buyout bid, acquiring 47,108 shares at a price of 9.84 levs each.
Unipack AD, founded in 1967, produces packaging and paper materials. It is based in the town of Pavlikeni, in northern Bulgaria.
(1 euro=1.95583 levs)