March 27 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has banned the publication of a buyout offer by local investment company Nevena for the remaining 53.56% stake it does not own in diversified group Rodna Zemya Holding [BUL:6R2].
Nevena applied incorrectly the discounted cash flow model to calculate the 2.1 levs ($1.19/1.07 euro) per share price of its buyout offer, the financial regulator said in a statement on Thursday.
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Nevena controlled 33.27% interest in Rodna Zemya Holding at the end of September 2019, and subsequently increased its stake in the company to 46.44% on December 30.
According to commercial register data, Nevena is a company fully owned by private individual Boril Balev.
Last year, Rodna Zemya Holding raised 36 million levs through a capital increase and agreed several large acquisitions - of DIY-chain operator HIT Hypermarket and meat products maker Koopdoverie Lesidren.
(1 euro = 1.95583 levs)