January 2 (SeeNews) - Bulgarian hotel operator Velina [BUL:4VE] said that local Tomov Development has increased its stake in the company to 99.43% via a buyout offer priced at 8.40 levs ($4.74/4.29 euro) per share.
Tomov Development acquired some 74,701 shares from 65 minority shareholders, Velina said in a bourse filing last week.
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The company has the right to squeeze out remaining minority shareholders by March 23.
Velina shares last traded on the Bulgarian Stock Exchange at a price of 8.35 levs.
(1 euro = 1.95583 levs)