May 28 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has allowed the publication of a revised buyout offer by France's Geopost for the remaining 1,623,711 shares it does not own in Bulgarian express delivery company Speedy [BUL:SPDY].
The regulator did not provide further details in its statement, published on Thursday.
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In a stock exchange filing on Friday, Speedy said that Geopost is offering to pay 80 levs ($48/40.9 euro) per share for the 30.19% interest it wants to acquire.
The French company was obliged by law to launch the buyout bid after its stake in Speedy exceeded 50%. In March, Geopost acquired 45% interest in Speedy at a price of 58.67 levs per share, after it exercised a call option towards Speedy Group. Currently, Geopost owns 69.81% interest in Speedy, while Speedy Group owns 20.09%.
As at 10:15 CET on Friday, shares in Speedy traded at a price of 80 levs, unchanged from their previous closing price on the Bulgarian Stock Exchange.
In 2014, Speedy acquired Geopost's units DPD Romania and Geopost Bulgaria, while Geopost agreed to acquire 25% of Speedy with the option to increase its stake to 70% by 2020.
(1 euro = 1.95583 levs)