July 27 (SeeNews) - Bulgarian veterinary drug maker Biovet said its majority owner Huvepharma and minor shareholder Opportunity 2009 have proposed to acquire the remaining 9.99% stake in the company they do not already own for 9.02 million levs ($5.1 million/4.6 million euro).
The bidders are offering 13.30 levs per share for a total of 677,998 Biovet shares they do not own, Biovet said in a bourse filing on Tuesday.
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Following the news, the Biovet share price jumped 8.3% to a close of 13.1 levs. On Wednesday, the company's stock traded at 13.05 as at 13:15 local time.
Bulgaria's financial regulator has not taken any position in regard to the takeover bid yet, Biovet said.
Huvepharma owns 86.32% of Biovet's shares, whereas Opportunity 2009 has a minor stake of 3.68%. The two companies signed on July 18 an agreement on joint management of Biovet.
The new management plans to delist Biovet from Sofia's stock exchange, Biovet said. It does not intend to restructure the company, nor to make changes in its capital.
Veterinary drug maker Biovet has production plants in the towns of Peshtera, Botevgrad, and Razgrad. Some 90% of its products are exported.
Huvepharma focuses on the production and distribution of animal pharmaceutical products and animal feeds, as well as active pharmaceutical ingredients for use in animal and human pharmaceuticals.