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Bulgaria's Medica asks to halt trading in its shares ahead of merger vote

Bulgaria's Medica asks to halt trading in its shares ahead of merger vote wrangler/Shutterstock.com

SOFIA (Bulgaria), May 19 (SeeNews) - Bulgarian producer of drugs and medical supplies Medica [BUL:5MA] said on Friday it has asked the financial regulator, the Central Depository and the Sofia bourse to temporarily suspend trading in its shares as of June 1 prior to a vote on a proposed merger.

The suspension should continue until the company shareholders come up with a decision on a proposed merger into local peer and majority owner Sopharma, Medica said in a bourse filing.

The company has scheduled two shareholders meetings, on June 2 and June 20. In case the first meeting fails to approve the proposal, Medica has requested another suspension of trading as of June 19 prior to the second meeting, it said.

In April, Sopharma said it has received a regulatory approval to absorb Medica. Under the signed agreement, Medica shares will be converted into shares in Sopharma at a ratio 1 : 0.8831, Sopharma said at the time.

Sopharma owned 97.96% of Medica as at end-2016, according to Medica's annual financial report.

Sopharma shares were traded 0.75 lower at 3.970 levs ($2.28/2.04 euro) as at 15:00 CET on Friday.

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