September 30 (SeeNews) - Bulgarian confectionery maker Pobeda is proposing 0.63 levs ($0.31/0.32 euro) per share to acquire full control over its majority-owned subsidiary Prime Property BG REIT [BUL:PPBG], the investment trust said.
In July, Pobeda reached ownership of 97.6% in Prime Property after buying 632,246 shares from minority owners in a previous tender offer. The stock was acquired at 0.61 levs apiece.
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Pobeda will finance the acquisition costs, totalling 538,183 levs, with own funds, Prime Property said in a bourse filing on Thursday.
The tender offer has been registered with Bulgaria’s Financial Supervision Commission (FSC).
The proposed price of 0.63 levs is fair under the FSC standards, Prime Property also said. The bid exceeds the average market price of 0.49 levs per share for the last six months.
Shares in Prime Property BG REIT last traded at 0.49 levs per share on the BaSE market of the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)