Bulgaria's Tomov Development revises buyout bid for Velina

Bulgaria's Tomov Development revises buyout bid for Velina

Bulgarian hotel operator Velina said on Wednesday that local Tomov Development has revised its buyout bid for the remaining 83,397 shares in the company, or a 5.45% stake, it does not currently own.Despite a revision of the justification of the offered price, Tomov Development is still offering to pay 8.40 levs ($4.74/4.29 euro) per share, documents published by Velina showed.The buyout bid values Velina at some 12.85 million levs.Earlier this month, the Financial Supervision Commission asked Tomov Development to correct its initial buyout offer.Tomov Development acquired 94.55% interest in Velina through deals in the period September 30 - October 8.Velina shares last traded on the Bulgarian Stock Exchange at a price of 8.35 levs.

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