December 21 (SeeNews) - Bulgaria’s Financial Supervision Commission (FSC) said it suspended the publishing of a 49.5 million levs ($26.9 million/25.3 million euro) offer of diversified group Donev Investments Holding to buy up to 11 million shares in local drug maker Sopharma [BUL:SFA].
The commission identified a number of deficiencies in the offer, including flaws related to Sopharma’s six-month weighted average price per share, the regulator said in a decision published on Tuesday.
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Donev Investments, Sopharma’s largest shareholder, is offering to pay 4.50 levs per share to other investors, seeking to increase its 27.89% ownership by up to 8.16%, the drug maker said in November. The proposed price exceeds Sopharma's six-month weighted average price per share of 4.485 levs, as required by law.
The FSC, however, pointed out that the six-month weighted average price was calculated for the period between May 24, 2022 and November 24, 2022. According to the regulator, the time frame should be between May 25 and November 25. The FSC, therefore, requested data for that period.
Additionally, the body required that the offeror should provide proofs for availability of funds to pay the offered price. Donev Investments was also requested to specify a place where its financial statements for the past three years can be accessed by Sophrama shareholders.
According to an earlier statement, the potential deal is in line with Donev Investments' strategy to increase Sopharma's revenue both by broadening its product portfolio and by expanding the pharmacy retail network operated by its unit Sopharma Trading [BUL:SFT].
Donev Investments is 99.385%-owned by Sopharma CEO Ognyan Donev.
(1 euro = 1.95583 levs)