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Regulator suspends TBI Bulgaria's takeover offer for Bulstrad VIG

Regulator suspends TBI Bulgaria's takeover offer for Bulstrad VIG Author: VIG. Licence: All rights reserved.

SOFIA (Bulgaria), October 11 (SeeNews) – Bulgaria’s financial regulator said it has temporarily suspended an offer by TBI Bulgaria to buy the 10,000 shares in Sofia-based Bulstrad Vienna Insurance Group [BUL:4BI] it does not already own.

TBI Bulgaria is proposing to pay 44.78 levs ($27.1/22.9 euro) for each of the shares it wants to acquire, the Financial Supervision Commission said in a statement on Tuesday.

The regulator gave no reason for its decision and provided no further details.

The number of shares TBI Bulgaria wants to acquire corresponds to a 0.32% stake in Bulstrad Vienna Insurance Group.

TBI Bulgaria is a wholly-owned subsidiary of Vienna Insurance Group (VIG).

Bulstrad Vienna Insurance Group shares last traded on August 30 on the Bulgarian Stock Exchange, when they closed flat at 44.0 levs.

(1 euro = 1.95583 levs)

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