January 4 (SeeNews) - Majority shareholder Enicorp has tabled a definitive offer to acquire the remaining 9.50% interest that it does not already own in Bulgarian renewable energy producer Yambolen [BUL:YAMB], the target company said.
Enicorp offered a price of 2.27 levs ($1.27/1.16 euro) per share to acquire up to 116,144 ordinary, freely transferable units in the business, Yambolen said in a bourse filing on Wednesday. Minority shareholders have 28 days to accept or reject the offer.
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The buyout proposal is priced slightly above Yambolen's calculated fair price of 2.26 levs apiece. The company's shares are not actively traded on the Sofia bourse.
According to the offer, the buyer does not intend to restructure the company or modify its activities. Earlier this year, Yambolen, which was a former synthetic fibre manufacturer, restructured into a renewable electricity producer after commissioning a solar photovoltaic installation. In 2022, the company's shareholders approved a decision to sign a 5.8 million euro ($6.3 million) contract with local PV Consult for the construction of a 9,998.46 kWp solar park in the town of Yambol.
Under Enicorp's ownership, Yambolen will continue its primary business of solar park operator as well as its activities of leasing its building stock and of wastewater purification, both of which are expected to generate under 5% of annual revenue.
Last month, the board of Yambolen found fair a buyout proposal from Enicorp priced at 1.996 levs apiece. Prior to tabling it, Enicorp finalised the purchase of a 90.50% controlling interest in Yambolen from its top shareholders, Chimimport Investment and Fertiliser Inc and Lamara.
(1 euro = 1.95583 levs)