February 26 (SeeNews) - The shareholders of Bulgarian drug makers Sopharma [BUL:3JR] and Unipharm [BUL:59X] have approved a deal under which the former will absorb the latter, the two companies said.
Under the terms of the deal, Unipharm shares will be converted into Sopharma shares at a ratio of 1:0.891512, the two companies said in separate bourse filings late on Friday.
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Both shareholder meetings were held on Friday.
Last week, the Bulgarian Stock Exchange suspended from trade Unipharm's share issue until the merger is completed.
In December, the Financial Supervision Commission gave permission to Sopharma to absorb Unipharm.
The agreement for the merger was signed in September.
In June 2017, Sopharma increased its stake in Unipharm to 96.63%, from 77.88%, in a buyout bid priced at 4.35 levs ($2.65/2.22 euro) per share.
(1 euro=1.95583 levs)