SOFIA (Bulgaria), April 26 (SeeNews) – Bulgarian drug producer Sopharma [BUL:3JR] said on Wednesday it has received a regulatory approval to merge local peer Medica [BUL:5MA] into the company.
Under the signed agreement, Medica shares will be converted into shares in Sopharma at a ratio 1 : 0.8831, Sopharma said in a bourse filing.
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The ratio was initially set at 1 : 0.9486 but was revised on March 20.
The merger will be subject to a vote at the two companies’ shareholders meetings.
Sopharma owned 97.96% of Medica as at end of last year, according to Medica's annual financial report.
Sopharma shares traded 0.25% higher at 4.075 levs ($2.27/2.08 euro) as at 14:00 CET on Wednesday.
(1 euro = 1.95583 levs)