Bulgaria's Velina board endorses Tomov Development buyout offer

Bulgaria's Velina board endorses Tomov Development buyout offer

The board of directors of Bulgarian hotel operator Velina said on Tuesday that it finds the 8.40 levs ($4.74/4.29 euro) per share price offered by local Tomov Development in a buyout bid for the remaining 5.45% stake it does not currently own a fair price to minority shareholders.The buyout offer is also in line with legal requirements, Velina's board of directors said in a statement.Tomov Development acquired 94.55% interest in Velina through deals in the period September 30 - October 8.The buyout bid values Velina at some 12.85 million levs.The offer has not yet been approved by the Financial Supervision Commission.Velina shares last traded on the Bulgarian Stock Exchange at a price of 8.35
 

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