Bulgaria’s Sopharma boosts stake in Unipharm

The drug maker bought the shares on September 8 from minority shareholders who used their right to ask Sopharma to acquire their stakes in Unipharm following Sopharma’s buyout bid in June, Sopharma said in a bourse filing.

Last month, three shareholders, holding a total of 1,537 Unipharm shares among them, also asked Sopharma to acquire their stakes in the company.

Under Bulgarian law, after Sopharma’s stake in Unipharm surpassed 95% as a result of the buyout bid, existing shareholders have a three-month period to ask Sopharma to acquire their shares at a price equal to the one offered in the buyout. Sopharma is obliged to acquire the shares within 30 days of receiving notification from minority shareholders.

Unipharm shareholders' right to ask Sopharma to acquire their shares will expire on September 19.

In June, Sopharma increased its stake in Unipharm to 96.63%, from 77.88%, in a transaction priced at 4.35 levs per Unipharm share.

As at 1310 CET on Monday, Sopharma shares traded 0.22% lower at 4.57 levs.

(1 euro=1.95583 levs)