Bulls AD extends a revised mandatory tender offer for Industrial Holding Bulgaria (NEUTRAL)
Source: Industrial Holding Bulgaria; FFBH
Bulls AD extended a revised mandatory tender offer for the purchase of up to 23 690 662 voting shares (22.1% of issued capital) at BGN 1.99 per share (-0.5% from last close). The price was defined by the liquidation value of the company estimated at BGN 1.984/share. Recall that the Financial Supervision Commission (FSC) issued a temporary ban on the initial mandatory tender offer at BGN 1.90. In its resolution FSC requested certain amendments in the cost of equity calculations for the DCF valuation method and a liquidation value.