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BA Vidro: revised buyout bid for Drujba

BA Vidro has published a buyout bid for Drujba Glassworks

A wholly-owned subsidiary of Portugal’s BA Vidro has published a buyout bid for the remaining 405,652 shares in Bulgaria’s Drujba Glassworks.

Bareck Overseas, a wholly-owned subsidiary of Portugal’s BA Vidro, has published a buyout bid for the remaining 405,652 shares in Bulgaria’s Drujba Glassworks, which BA Vidro does not already own directly or indirectly. The deadline for accepting the offers is 28 days following its publication on 15 May, Drujba Glassworks said in a bourse filing.

Bareck Overseas will finance the acquisition of the shares with a 2.5 million levs loan from BA Vidro, the published buyout bid indicates.

The board of Drujba Glassworks has deemed the offered price of 6.118 levs per share fair, the company said in the filing.

Last week, Bulgaria’s financial regulator said it has allowed the publication of a corrected buyout offer by Bareck Overseas for the stocks representing 0.76% of Drujba Glassworks’ capital.

The company initially launched a buyout bid for Drujba Glassworks in February, proposing to pay 3.7 levs per share but the bid was suspended by the Financial Supervision Commission.

In October 2016, Greek glassmaker Yioula agreed to sell its Bulgarian unit Drujba Glassworks to BA Vidro as part of a wider divestment plan that also includes the group’s glass container business in Romania.

Drujba Glassworks has two glass container plants – in Sofia and Plovdiv.

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