February 5 (SeeNews) - Bulgaria's Premier Fund REIT [BUL:4PR] said that local investment firm Neo London Capital [BUL:178B] has launched a buyout bid for the remaining 36.11% stake in the company it does not currently own, priced at 10.501 levs ($5.92/5.37 euro) per share.
The buyout offer is in line with legal requirements and the offered price is fair to minority shareholders, Premier Fund REIT's board of directors said in a statement on Tuesday.
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The 36.11% stake represents 650,000 shares in Premier Fund REIT. The bid values the company at 18.9 million levs.
The Financial Supervision Commission has not yet approved the publication of the offer.
Neo London Capital [BUL:178B] acquired a 63.89% stake in the company last month, as it subscribed for 1,149,999 shares offered by Premier Fund REIT as part of a capital increase. Neo London Capital acquired the shares at a price of 10.5 levs apiece.
Premier Fund REIT shares last traded on the Bulgarian Stock Exchange at a price of 5.1 levs.
(1 euro = 1.95583 levs)