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Bulgaria's Maritzatex board endorses Industrialen Holding Doverie's revised buyout bid

Bulgaria's Maritzatex board endorses Industrialen Holding Doverie's revised buyout bid

SOFIA (Bulgaria), January 25 (SeeNews) - Bulgarian real estate management company Maritzatex said on Tuesday that its board of directors sees the revised buyout bid of majority owner Industrialen Holding Doverie as a fair offer to minority shareholders.

In view of the company current financial state and its potential development in the future, the offered price of 0.65 levs ($0.37/0.33 euro) per share is fair and in line with the legal requirements, Maritzatex said in a bourse filing.

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Industrialen Holding Doverie is seeking to acquire the remaining 46,674 shares representing 9.95% interest in Maritzatex that it does not already control.

Last week, the Bulgarian financial regulator gave the green light to Industrialen Holding Doverie to publish a revised buyout offer for the minority stake in Maritzatex.

The regulator temporarily banned the previous bid on December 7, requesting from Industrialen Holding Doverie to amend the fair value of Maritzatex's share. The fair value is set at 0.15 levs in the revised offer, down from 0.65 levs in the original offer.

Industrialen Holding Doverie intends to delist Maritzatex' shares from the Bulgarian Stock Exchange.

Until suspending its core activities in 2010, Maritzatex was a textile producer specialised in yarn, cotton and cotton-type fabric and knitwear. The company recorded a net loss of 259,000 levs for 2020, according to its last annual financial report.

Industrialen Holding Doverie is part of local group Doverie United Holding.

(1 euro = 1.95583 levs)

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