Geopost offers to pay 80 levs ($ 48 / 40.9 euros) for each of the 1,623,711 Speedy shares it wishes to acquire, identical to the initial offer, Speedy said in a stock exchange filing.
Bulgaria’s Financial Supervisory Commission last month said it had temporarily suspended publication of the takeover offer and called for corrections. The corrected offer was submitted to the regulator on Thursday, Speedy said.
The French company was legally required to initiate the takeover offer after its stake in Speedy exceeded 50%. In March, Geopost acquired a 45% stake in Speedy at a price of 58.67 levs per share, after exercising a call option on Speedy Group. Currently, Geopost holds a 69.81% stake in Speedy, while Speedy Group holds 20.09%.
Speedy’s shares were last traded at a price of 80 levs on the Bulgarian stock exchange.
In 2014, Speedy acquired the units of Geopost, DPD Romania and Geopost Bulgaria, while Geopost agreed to acquire 25% of Speedy with the option of increasing its stake to 70% by 2020.
(1 euro = 1.95583 levs)