November 13 (SeeNews) - Bulgarian hotel operator Velina said on Wednesday that local Tomov Development has revised its buyout bid for the remaining 83,397 shares in the company, or a 5.45% stake, it does not currently own.
Despite a revision of the justification of the offered price, Tomov Development is still offering to pay 8.40 levs ($4.74/4.29 euro) per share, documents published by Velina showed.
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The buyout bid values Velina at some 12.85 million levs.
Earlier this month, the Financial Supervision Commission asked Tomov Development to correct its initial buyout offer.
Tomov Development acquired 94.55% interest in Velina through deals in the period September 30 - October 8.
Velina shares last traded on the Bulgarian Stock Exchange at a price of 8.35 levs.
(1 euro = 1.95583 levs)