August 31 (SeeNews) - Bulgaria's financial regulator said that it has allowed Luxembourg-based Pabolux to publish a buyout offer for the remaining 7.6% stake in Bulgaria's Belovo Paper Mill [BUL:58B] it does not already own.
Pabolux is offering to pay 2.25 levs ($1.34/1.15 euro) for each of the 436,858 Belovo Paper Mill shares it wants to acquire, the Financial Supervision Commission said in a statement late on Friday.
You can subscribe to our M&A newsletter here
Pabolux corrected its buyout offer last week, after its initial bid was banned from publication by the financial regulator earlier in August.
After completion of the buyout bid, Pabolux intends to delist Belovo Paper Mill from the Bulgarian Stock Exchange, the Bulgarian company said previously.
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 directly 3,403,594 Belovo Paper Mill shares, representing 59.21% interest. 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 joint control of the company with Luxembourg's Padilux.
Belovo Paper Mill shares last traded on the Bulgarian Stock Exchange at a price of 2.06 levs.
(1 euro = 1.95583 levs)