Board of Bulgaria's Belovo Paper Mill Finds Pabolux Buyout Bid Fair
Bulgaria's Belovo Paper Mill said on Wednesday that its board has found the corrected buyout bid of Luxembourg's Pabolux for the remaining 7.61% stake in the company it does not already own a fair offer to the minority shareholders. The offered price of 2.25 levs ($1.34/1.15 euro) per each of the 436,858 shares is in line with the legal requirements, Belovo Paper Mill said in a bourse filing. Pabolux submitted its corrected bid earlier this week, as the Financial Supervision Commission banned the publication of the initial offer earlier in August. After completion of the buyout bid, Pabolux intends to delist Belovo Paper Mill from the Bulgarian Stock Exchange. Pabolux will also consider increasing Belovos' capital, depending on the need to finance the paper mill's investment programme or outstanding debt. Pabolux currently owns directly 3,403,594 Belovo Paper Mill shares, representing a 59.21% stake. Pabolux increased its ownership by 24.32% on June 28, when it purchased 1,398,425 Belovo Paper Mill shares for an undisclosed price.