SOFIA (Bulgaria), September 20 (SeeNews) – Bulgarian drug maker Sopharma [BUL:3JR] said on Wednesday it has increased its stake in local peer Unipharm [BUL:59X] by acquiring a further 12,927 shares in the company.
The drug maker bought the shares on September 18 and September 19 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.
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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 has expired on September 19.
On Tuesday, Sopharma said it has increased its stake in Unipharm by acquiring a further 345 shares in the company for 4.35 levs ($2.6/2.2 euro) apiece.
Last week, Sopharma said it has signed an agreement to absorb Unipharm, under which Unipharm shares will be converted into Sopharma shares at a ratio of 1:891512.
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 13:21 CET on Wednesday, Sopharma shares traded 1.90% higher at 4.30 levs.
(1 euro=1.95583 levs)