November 25 (SeeNews) - Bulgarian confectionery producer Pobeda said it has acquired 851,232 shares in its majority-owned subsidiary Prime Property BG REIT [BUL:PPBG] under a revised buyout offer.
The offer, through which Pobeda seeks to become 100% owner of Prime Property, regarded a total of 854,260 shares, the confectionery producer said in a press release on Thursday.
You can subscribe to our M&A newsletter here
The remaining 3,028 stocks were the subject of share pledge agreements, the firm added.
Pobeda launched the buyout in September, proposing to pay 0.63 levs per share to minority shareholders. The bid was sweetened to 0.66 levs per share in November, corresponding to a total of 563,812 levs ($300,317/288,272 euro) for all 854,260 shares. The revision was made after the Bulgarian Financial Supervision Commission (FSC) temporarily halted the buyout process, requiring a recalculation of the fair price due to inaccurate data.
Pobeda reached ownership of 97.6% in Prime Property in July after buying 632,246 shares from minority owners in a previous offer.
(1 euro = 1.95583 levs)