April 8 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has banned the publication of a buyout bid by local investment firm Neo London Capital [BUL:178B] for the remaining 36.11% stake in Premier Fund REIT [BUL:4PR] it does not currently own.
The bid was banned due to several deficiencies concerning the price calculation method and the financing of the offer, the regulator said in its decision, published on Tuesday.
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Neo London Capital initially offered to pay 10.501 levs ($5.92/5.37 euro) per share but subsequently increased its offer to 10.51 levs after its initial bid was suspended by the FSC.
Neo London Capital [BUL:178B] acquired a 63.89% stake in the company in January, as it subscribed for 1,149,999 shares offered by Premier Fund REIT as part of a capital increase. Neo London Capital acquired the shares at a price of 10.5 levs apiece.
Premier Fund REIT shares last traded on the Bulgarian Stock Exchange at a price of 7 levs.
(1 euro = 1.95583 levs)