November 1 (SeeNews) - Bulgarian veterinary drug maker Biovet said on Monday its majority owner Huvepharma and minority shareholder Opportunity 2009 had withdrawn their latest buyout bid for the remaining 9.99% stake in the company they do not already own.
Biovet was notified about the withdrawal of the buyout bid on October 28, the company said in a bourse filing. It did not give further details.
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The bid for the remaining 677,998 shares in Biovet was priced at 15.03 levs per share ($8.5/7.7 euro). The bidders had increased their buyout offer twice, after Bulgaria's financial regulator rejected the first two offers, priced at 13.3 levs and 14.4 levs per share, respectively.
Biovet has production plants in the towns of Peshtera, Botevgrad, and Razgrad. Some 90% of its output is 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.
Biovet shares closed at 15.0 levs per share on the Bulgarian Stock Exchange on Monday, down 2.31%.