February 9 (SeeNews) - Bulgarian drug maker Unipharm [BUL:59X] said on Friday it has asked the Sofia bourse to suspend its shares from trade until its merger with local peer Sopharma [BUL:3JR] iscompleted.
Unipharm has asked the Bulgarian Stock Exchange and the country's Central Depository to suspend its share issue from trade as of February 22, the company said in a bourse filing.
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On February 23, Unipharm will hold a general meeting during which its shareholders will vote on the planned merger with Sopharma.
In December last year, the Financial Supervision Commission gave approval to Sopharma to absorb Unipharm.
Under the terms of the deal, Unipharm shares will be converted into Sopharma shares at a ratio of 1 : 0.891512.
The agreement for the merger was signed in September last year.
In June 2017, Sopharma increased its stake in Unipharm to 96.63%, from 77.88%, in a buyout bid priced at 4.35 levs ($2.65/2.22 euro) per share.
As at 14:00 CET on Friday, Sopharma shares traded 0.73% lower at 4.1 levs.
(1 euro = 1.95583 levs)