Bulgaria's Zahar Invest sweetens takeover bid for Zaharni Zavodi

Zahar Invest, which currently owns some 10.45 million shares in Zaharni Zavodi, representing a stake of 94.071%, is offering to acquire the remaining shareholding interest of 5.929% at 6.29 levs ($3.53/3.22 euro) per share, up from 5.15 levs per share proposed in June, Zaharni Zavodi said in a stock exchange filing on Wednesday.

The Financial Supervision Commission (FSC) has not taken a stand on the revised proposal yet, the target company added.

The proposed transaction will not lead to significant changes regarding employment in the company, Zaharni Zavodi said in a separate statement.

Last month, the financial regulator suspended Zahar Invest's original offer after spotting several deficiencies, including unrealistically low estimated revenues and unclear intentions regarding the status of Zaharni Zavodi following the deal.

As of 1115 CET on Thursday, shares in Zaharni Zavodi traded 11.82% higher at 6.15 levs on the BaSE market of the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)