May 15 (SeeNews) - Bulgarian drug maker Sopharma [BUL:3JR] said on Tuesday that it has decided to restart the process of absorbing its unit Unipharm [BUL:59X] after the registry agency declined to register the merger last month, due to procedural reasons.
Sopharma has appointed local brokerage Elana Trading to act as a consultant on the deal, the company said in a bourse filing.
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Last month, the registry agency said it has declined to register the merger as the decisions of the meetings of the shareholders of the two companies regarding the deal precede the publication of the merger contract in the commercial register.
In February, the shareholders of Sopharma and Unipharm approved a deal under which the former will absorb the latter.
Under the terms of the deal, Unipharm shares will be converted into Sopharma shares at a ratio of 1:0.891512.
In December last year, the Financial Supervision Commission gave permission to Sopharma to absorb Unipharm.
The merger agreement was signed in September 2017.