Pobeda formally launched a buyout offer for the remaining stake in Prime Property BG REIT

Pobeda formally launched a buyout offer for the remaining stake in Prime Property BG REIT

Bulgaria's Prime Property BG REIT [BUL:PPBG] said that its majority owner, local confectionery producer Pobeda, formally launched a buyout offer for the remaining stake in the company, having increased it to 0.61 levs per share ($0.33/0.31 euro) from 0.57 levs per share in March.

The board of Prime Property BG REIT has approved a revised takeover offer from Pobeda, which currently owns 95.83% of the property investment trust, the target company said in a bourse filing.

According to the offer, the majority owner does not plan to delist Prime Property BG REIT from the Sofia bourse once the transaction is completed. It does intend changes in the target company's registered capital up to three years post completion.

The bidder has said that it will finance the transaction worth some 907,500 levs ($495,210/464,000 euro) through its own available capital.

Pobeda, which acquired a 20.17% direct stake in the real estate company in 2016, sweetened its buyout offer last month after a decision by Bulgaria's Financial Supervision Commission (FSC), which earlier suspended the buyout offer on the need of a recalculation of the fair price per share.

Shares in Prime Property BG REIT last closed at 0.45 per share on the BaSE market of the Bulgarian Stock Exchange, bourse data showed.

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