SOFIA (Bulgaria), February 14 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has temporarily suspended the publication of a buyout offer by local company Nevena for the remaining 29,996,664 shares it does not currently own in diversified group Rodna Zemya Holding [BUL:6R2].
The regulator did not provide further details in its statement, published on Thursday.
Last month, Nevena launched a buyout bid priced at 2.1 levs ($1.19/1.07 euro) per share for the remaining 53.56% interest in Rodna Zemya Holding. The offer values 100% of Rodna Zemya Holding at 117.6 million levs.
The discounted cash flow model values Rodna Zemya Holding shares at 2.14 levs apiece, while its net asset value corresponds to a price of 1.89 levs per share. Rodna Zemya Holding shares last traded on the Bulgarian Stock Exchange at 2.14 levs, corresponding to a market capitalisation of 119.9 million levs.
Nevena controlled 33.27% interest in Rodna Zemya Holding at the end of September, according to the group's most recent interim financial statement, 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)