July 12 (SeeNews) - Luxembourg's Pabolux is planning to launch a buyout bid for the remaining 436,858 shares in Bulgaria's Belovo Paper Mill [BUL:58B], priced at 2.25 levs ($1.34/1.15 euro) per share, the Bulgarian company said on Thursday.
The 436,858 shares are equal to a 7.61% stake in Belovo Paper Mill, the company said in a bourse filing.
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The Financial Supervision Commission has not yet allowed the publication of the draft buyout offer.
The deadline for accepting the offer will be 28 days since its publication.
After completion of the buyout bid, Pabolux intends to delist Belovo Paper Mill from the Bulgarian Stock Exchange.
Pabolux will also consider increasing Belovo Paper Mill's capital, depending on the need to finance the paper mill's investment programme or outstanding debt.
Pabolux currently owns 3,403,594 Belovo Paper Mill shares, equal to a 59.21% stake, directly. Pabolux increased its stake in the company by 24.32% on June 28, when it purchased 1,398,425 Belovo Paper Mill shares for an undisclosed price.
Pabolux owns a further 33.18% stake in Belovo Paper Mill indirectly, through an agreement for join control over the company with Luxembourg's Padilux.
Belovo Paper Mill shares last traded on the Bulgarian Stock Exchange at a price of 2.0 levs.
(1 euro = 1.95583 levs)