November 14 (SeeNews) - Bulgarian confectionery producer Pobeda received permission from the Financial Supervision Commission (FSC) to publish a corrected buyout offer for its majority-owned subsidiary Prime Property BG REIT [BUL:PPBG], the regulator said.
FSC will not issue a permanent ban on the publication of a corrected proposal, the regulator said in its decision issued last week.
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Pobeda offered at the end of September to pay 0.63 levs ($0.33/0.32 euro) per share for the remaining 854,260 shares in Prime Property that it does not own yet.
FSC suspended the bid in October, saying a recalculation of the fair price is needed because of 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. The confectionery maker paid at the time 0.61 levs per share, revising the originally proposed price of 0.57 levs after the FSC temporarily halted the buyout.
Prime Property booked a net profit of 1.26 million levs for the first nine months of 2022, swinging from a loss of 473,000 in the same period of 2021. At the same time, the company increased its revenue to 4.13 million levs from 36,000 levs, its latest financial statement showed.
(1 euro = 1.95583 levs)