Bulgaria’s TK Hold launches buyout bid for Rilski Len

TK Hold is offering to pay 11.0 levs ($6.6/5.6 euro) for each of the 36,534 shares it wants to acquire from minority shareholders, Rilski Len said in a bourse filing.

TK Hold does not intend to make changes in Rilski Len’s core activities or the company’s management board, the filing reads.

On Tuesday, TK Hold said it has increased its shareholding interest in Rilski Len to 91.73% after acquiring 309,190 shares, equal to a 70% stake in the company, from Samokov-based Rilenatex.

On August 4, 309,190 Rilski Len shares changed hands in a block deal on the BSE at a price of 11 levs apiece, bourse data showed.

Last month, Rilenatex announced it intends to sell up to 309,190 shares of Rilski Len through the Bulgarian Stock Exchange (BSE).

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

(1 euro = 1.95583 levs)