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Bulgaria's Velina board endorses Tomov Development's revised buyout offer

Author Mario Tanev
Bulgaria's Velina board endorses Tomov Development's revised buyout offer wrangler/Shutterstock.com

SOFIA (Bulgaria), November 18 (SeeNews) - The board of directors of Bulgarian hotel operator Velina said that it finds local Tomov Development's revised buyout bid for the remaining 5.45% stake it does not currently own, priced at 8.40 levs ($4.74/4.29 euro) per share, a fair offer to minority shareholders.

In view of the company current financial state and its expected development in the near future, 8.40 levs per share is a fair price to offer, Velina's board of directors said in a statement on Monday.

Tomov Development acquired 94.55% interest in Velina through deals in the period September 30 - October 8.

The buyout bid values Velina at some 12.85 million levs.

The revised offer has not yet been approved by the Financial Supervision Commission, which suspended the initial bid earlier this month.

Velina shares last traded on the Bulgarian Stock Exchange at a price of 8.35 levs.

(1 euro = 1.95583 levs)

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