July 6 (SeeNews) - Bulgaria's Prime Property BG REIT [BUL:PPBG] said that its majority owner, local confectionery maker Pobeda, increased its ownership in the business to 97.60% after the expiry of its all-equity buyout offer.
Pobeda, which originally owned 95.83% of the property investment trust, received acceptances for 632,246 target company shares at Monday's tender offer deadline, according to a bourse filing issued by the buyer on Wednesday.
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The shares, which represent 1.7707% of Prime Property BG REIT's equity, were acquired at a price of 0.61 levs ($0.32/0.31 euro) apiece.
Under current legislation, Pobeda has exceeded the 95% ownership threshold, which allows it to table another offer within three months to acquire the stock held the property trust's residual shareholders.
Pobeda launched its buyout proposal in early June, after sweetening it to 0.61 levs from 0.57 levs per share offered in March.
The offer revision came in response to a decision by the Financial Supervision Commission (FSC), which earlier suspended the buyout citing the need for a recalculation of the fair price per share.
Shares in Prime Property BG REIT last traded at 0.49 levs per share on the BaSE market of the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)