Bulgaria's A.R.U.S. Holding Publishes Buyout Bid for Svilosa
Bulgarian cellulose producer Svilosa 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. 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.