September 26 (SeeNews) - Bulgaria's financial regulator said it has allowed packaging products manufacturer Fort to publish a squeeze out bid for the remaining 3.03% in local peer Unipack [BUL:3U9] it does not already own.
Fort is offering to pay 9.84 levs ($6.02/5.03 euro) per share for the 68,759 Unipack shares it does not already own, the Financial Supervision Commission said in a statement on Monday.
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Under Bulgarian law, in line with Directive 2004/25/EC, if following a buyout bid the offeror’s stake surpasses 95%, within three months of the end of the buyout offer it can launch a squeeze out bid, which minority shareholders are obliged to accept.
In June, Fort increased 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)