SOFIA (Bulgaria), August 8 (SeeNews) – Bulgaria’s financial regulator said it has granted approval to Bulgarian industrial group Stara Planina Hold [BUL:5SR] to publish a buyout bid for the remaining 8.25% of the capital of sock manufacturer Fazan [BUL:4F5] it does not already own.
The group is offering to pay 1.41 levs ($0.85/0.72 euro) for each of the 101,874 shares in Fazan it aims to acquire from minority shareholders, the Financial Supervision Commission (FSC) said in a statement late on Monday.
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In June, the FSC said it has suspended the publishing of Stara Planina’s initial buyout offer, which was also priced at 1.41 levs per share, due to technical deficiencies.
Stara Planina Hold [BUL:5SR] shares were last traded on Monday, when they closed 1.75% lower at 8.4 levs.
(1 euro = 1.95583 levs)