SOFIA (Bulgaria), October 24 (SeeNews) – Bulgaria’s financial regulator said it has allowed the publication of a buyout offer by TBI Bulgaria for 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 last week.
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On October 10, the FSC said it had suspended the bid, without providing details on the reason behind the suspension.
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 levs.
(1 euro=1.95583 levs)
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