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Bulgaria's Synergon Holding revises buyout bid for Svetlina

Author Mario Tanev
Bulgaria's Synergon Holding revises buyout bid for Svetlina wrangler/Shutterstock.com

SOFIA (Bulgaria), July 26 (SeeNews) - Bulgarian lighting equipment retailer Svetlina [BUL:3LX] said on Friday that it has received a revised buyout offer by local diversified group Synergon Holding [BUL:6S7] for the remaining 9.92% stake in the company it does not currently own.

Synergon Holding is offering to pay 20 levs ($11.4/10.2 euro) per each of the 43,879 shares it wants to acquire, Svetlina said in a bourse filing.

The Financial Supervision Commission suspended Synergon Holding's initial buyout bid earlier this month.

In June, Synergon Holding acquired a 32.08% stake in Svetlina at a price of 5.5 levs per share.

Regardless of the outcome, Synergon Holding intends to delist Svetlina from the Bulgarian Stock Exchange.

The Financial Supervision Commission has not yet allowed publication of the revised buyout offer.

Svetlina shares last traded on the Bulgarian Stock Exchange at a price of 15.5 levs per share.

Synergon Holding was set up in 1996 as a privatisation fund under Bulgaria's voucher privatisation programme. The fund was transformed into a holding structure the following year. It has more than 25 subsidiaries and affiliated companies operating in various sectors of the Bulgarian economy.

(1 euro = 1.95583 levs)

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