June 22 (SeeNews) - Bulgarian packaging products manufacturer Fort raised its stake in local peer Unipack [BUL:3U9] to 96.69% from 94.6% in a buyout bid, the investment intermediary which handled the deal said.
A total of 42 Unipack shareholders, holding 47,108 shares among them, accepted Fort’s offer of 9.84 levs ($5.6/5.0 euro) per share, Sofia-based Elana Trading said in a statement on Wednesday.
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As the company’s stake in Unipack surpasses 95%, existing shareholders might ask Fort to acquire their shares at a price equal to, or higher, than the one offered in the initial buyout offer. Under Bulgarian law, Fort will be obliged to acquire the shares within 30 days after receiving notification from the shareholders.
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)