SOFIA (Bulgaria), September 27 (SeeNews) – Bulgarian diversified group TK Hold [BUL:T24] said on Wednesday it has published a buyout bid for the 8.27% stake it does not already own in local linen manufacturer Rilski Len [BUL:4OB] at a price of 11 levs ($6.6/5.6 euro) per share.
TK Hold intends to use part of its free capital to finance the acquisition, the company said in a bourse filing.
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On Tuesday, TK Hold received approval from the Financial Supervision Commission to publish the buyout offer.
At the end of last month, TK Hold increased its shareholding in Rilski Len to 91.73% after buying 309,190 shares, equal to a 70% stake in the company, from Samokov-based Rilenatex at the same price of 11 levs per share.
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)