July 18 (SeeNews) - Bulgarian drug maker Sopharma [BUL:SFA] tabled an amended offer to acquire the 66.66% interest it does not own yet in subsidiary Sopharma Properties REIT [BUL:SFI], keeping the original price of 8.20 levs ($4.25/4.19 euro) per share, the target company said.
The proposed price for some 14.6 million shares in the property investment company is higher than the estimated fair value of 6.23 levs per share, according to Sopharma's buyout offer published by Sopharma Properties REIT on Friday.
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The offer is also higher than the 8.15 levs per share that the bidder last paid for Sopharma Properties REIT stock on May 19, Sopharma said in its updated proposal.
Sopharma reiterated that it does not plan a restructuring or transfer of ownership in the target company, with the main focus of activities of both companies to remain unchanged over the next five to eight years.
The pharmaceutical company's tender offer was temporarily suspended by Bulgaria's financial regulator in early July due to technical inconsistencies and lack of information on the average volume-weighted price of the target company's shares in the six month period prior to the registration of the buyout bid.
At the time, the financial regulator demanded revisions in the financial justification of the tender offer, suggesting that the price per share in the bid may need to be recalculated.
Sopharma first tabled its buyout bid in early June, having built up a stake in the real estate investment trust since April 2021. Sopharma Properties REIT's main asset is the Sopharma Towers business complex in Sofia, which has an area of 24,440 square metres.
Shares in Sopharma Properties REIT, which has a market capitalisation of 178.9 million levs, were trading 0.61% lower at 8.10 levs as at 1003 CEST on Monday.
Sopharma's shares traded flat at 0.54 levs.
(1 euro = 1.95583 levs)