SOFIA (Bulgaria), May 16 (SeeNews) – Bulgaria's financial regulator said on Tuesday it has allowed the publication of an improved buyout offer by packaging products manufacturer Fort for the 122,227 shares in local peer Unipack [BUL:3U9] the company does not already own.
The price offered for the stocks representing 5.38% of Unipack’s capital has been increased to 9.84 levs ($5.57/5.03 euro) per share, from previously offered 9.71 levs, the Financial Supervision Commission (FSC) said in a statement.
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The weighted average price of Unipack shares in the three months preceding the buyout bid is 9.388 levs, the regulator added.
The highest price, which Fort has paid for Unipack shares in the six months preceding the buyout bid, is 8.35 levs per share.
Fort owns a 94.6% stake in Unipack, including direct ownership of 54.7%. The company holds the remaining 39.9% stake indirectly, under an agreement for the joint management of Unipack signed with two other shareholders – International Packaging, which owns 39.6%, and Dimitar Georgiev, who owns 0.3%.
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)