December 10 (SeeNews) - Bulgarian cellulose producer Svilosa [BUL:3MZ] said on Monday that its majority owner A.R.U.S. Holding has published a buyout offer for the remaining 6.74% stake, or 2,139,070 shares, in the company it does not own currently, priced at 5.5 levs ($3.19/2.81 euro) per share.
Minority shareholders have 28 days to accept the offer, although A.R.U.S. Holding may decide to extend the deadline by up to 70 days, Svilosa said in a bourse filing.
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A.R.U.S. Holding intends to use own funds to finance the buyout offer, according to the documents.
As at 12:45 CET on Monday, Svilosa shares traded unchanged at 5.4 levs.
Last month, the regulator suspended A.R.U.S. Holding's initial bid, priced at 4.7 levs per share.
A.R.U.S. Holding owns a 80.67% stake in Svilosa directly. On October 10, A.R.U.S. Holding signed an agreement with Luxembourg-based KBD SA for joint management of Svilosa, in accordane to which A.R.U.S. Holding's direct and indirect stake in the Bulgarian cellolose producer increased to 93.26%.
After A.R.U.S. Holding carries out the buyout bid, it intends to delist Svilosa from the Bulgarian Stock Exchange.
According to data from the commercial register, private individual Krasimir Dachev holds a 90% stake in A.R.U.S. Holding, while another private individual - Albena Badeva, owns the remaining 10%.
Svilosa, through its unit Svilocell, is the largest producer of bleached kraft pulp in Bulgaria.
(1 euro = 1.95583 levs)