SOFIA (Bulgaria), February 9 (SeeNews) - Electrical equipment maker IHB Electric said 16 of its shareholders used their right to ask ZMM Holding Bulgaria to acquire their shares, following a recent buyout bid.
As a result, ZMM Holding Bulgaria has acquired 1,015 IHB Electric shares, the Sofia-based company said in a statement on Thursday.
In November last year, ZMM Holding Bulgaria increased its stake in IHB Electric to 97.79% in a buyout bid, as it acquired 46,418 shares at a price of 10.59 levs ($6.33/5.41 euro) apiece.
In accordance with Bulgarian law, after ZMM Holding Bulgaria’s stake in IHB Electric surpassed 95% as a result of the buyout bid, existing shareholders received the right within a three-month period to ask ZMM Holding Bulgaria to acquire their shares at a price equal to the one offered in the buyout.
ZMM Bulgaria Holding is a unit of Industrial Holding Bulgaria [BUL:4ID].
IHB Electric produces hydro power generators, electric motors, turn-key electro-mechanical equipment and provides services for hydro power plants, pumping stations and irrigation systems.
(1 euro = 1.95583 levs)
Feature Image: Author: Ken Teegardin. Licence: Creative Commons.