SOFIA (Bulgaria), July 27 (SeeNews) – Bulgaria’s financial regulator said it has granted approval to TBI Bulgaria to publish a buyout bid for the remaining 0.62% of the share capital of Sofia-based Bulstrad Vienna Insurance Group [BUL:4BI] which the company does not already own.
TBI is offering to pay 44.78 levs ($26.8/22.9 euro) for each of the 19,559 shares it does not already own, the Financial Supervision Commission (FSC) said in a statement late on Wednesday.
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Last month, FSC said it has temporarily banned the publishing of a buyout offer by TBI Bulgaria for 19,559 Bulstrad VIG shares, at a price of 31.11 levs apiece.
On May 18, TBI Bulgaria said it has launched a buyout bid for the remaining 0.62% stake in Bulstrad VIG it does not already own, adding that will also consider delisting Bulstrad VIG from the Bulgarian Stock Exchange.
TBI Bulgaria is a wholly-owned subsidiary of Vienna Insurance Group (VIG).
(1 euro = 1.95583 levs)
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