SOFIA (Bulgaria), March 30 (SeeNews) -The board of Bulgaria's Premier Fund REIT [BUL:4PR] said that the 10.51 levs ($5.86/5.37 euro) per share price offered by local Neo London Capital [BUL:178B] in a buyout bid for the remaining 36.11% stake it does not own is a fair price to minority shareholders.
The buyout offer is also in line with legal requirements, Premier Fund REIT's board of directors said in a statement on Friday.
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Last week, Neo London Capital sweetened its offer to 10.51 levs per share from 10.501 levs per share offered initially. The company's initial offer was suspended by the financial regulator in February.
Neo London Capital [BUL:178B] acquired a 63.89% stake in the company in January, as it subscribed for 1,149,999 shares offered by Premier Fund REIT as part of a capital increase. Neo London Capital acquired the shares at a price of 10.5 levs apiece.
Premier Fund REIT shares last traded on the Bulgarian Stock Exchange at a price of 7 levs.
(1 euro = 1.95583 levs)