Bulgaria's TK Hold boosts stake in Rilski Len in buyout bid

моментдобреTK Hold has acquired 23,695 Rilski Len shares at a price of 11.0 levs ($6.5/5.6 euro) each, as two shareholders accepted its buyout offer, the diversified group said in a bourse filing.

Under Bulgarian law, in line with Directive 2004/25/EC, if following a buyout bid the offeror’s stake surpasses 95%, within three months of the end of the buyout offer it can launch a squeeze out bid, which minority shareholders are obliged to accept.

Rislki Len, based in Samokov, manufactures linen and linen products. The company has a registered capital of 441,707 levs divided in 441,707 shares with a nominal value of 1 lev each.

(1 euro = 1.95583 levs)