SOFIA (Bulgaria), October 10 (SeeNews) – Bulgarian packaging products manufacturer Fort has acquired all 67,939 shares in local peer Unipack [BUL:3U9] it did not already own at a price of 9.84 levs ($5.6/5.0 euro) apiece, the investment intermediary which handled the deal said on Tuesday.
As a result of the squeeze out bid launched last month, Fort has acquired the shares of 241 minority shareholders, ELANA Trading said.
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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)