Bulgaria's Alfa Finance boosts stake in Solarpro to 97.56% in buyout bid

Bulgarian group Alfa Finance Holding said on Monday it has increased its stake in provider of products and services for the solar industry Solarpro Holding [BUL:0S8] to 97.56% following a buyout bid.

The group has acquired 1.45 million Solarpro Holding shares, equivalent to a 3.1% stake in the company, at a weighted average price per share of 0.78 levs ($0.47/0.40 euro), Alfa Finance Holding said in a bourse filing.

Under Bulgarian law, in line with Directive 2004/25/EC, if following a buyout bid the offeror’s stake surpasses 95%, within three months of the end of the buyout offer it can launch a squeeze out bid, which minority shareholders are obliged to accept.

Alfa Finance Holding has the right to launch a squeeze out bid for Solarpro Holding by May 3.

Also by May 3, minority shareholders of Solarpro Holding have the right to ask Alfa Finance Holding to acquire their stake at a price equal to the one of the initial buyout bid.

(1 euro = 1.95583 levs)

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