Eurohold Bulgaria said that the financial regulator has approved the improved buyout bids, submitted by its wholly-owned subsidiary Eastern European Electric Company, for the purchase of 33 % stakes in electricity distributor CEZ Distribution and electricity supplier CEZ Electro.
In August, the Bulgarian financial regulator said that it has temporarily suspended the publication of buyout bids by Eastern European Electric Company for 33 % stakes in these companies, without providing further detail regarding its decision. The company offered to the minority shareholders of CEZ Distribution 141.6 euros per share, or a total of 90 million euros, while the minority shareholders of CEZ Electro were offered 13,330 euros per share or a total of some 22 million euros.
Earlier this month, Eastern European Electric Company submitted improved buyout bids for the stakes in two companies. It offered to buy 1,650 shares in CEZ Electro Bulgaria for the price of 13,755 euros per share and 636,240 shares in CEZ Distribution Bulgaria for the price of 148.8 euros per share.
In late July, Eurohold Bulgaria announced that it has completed the acquisition of the Bulgarian assets of the Czech energy company CEZ for 335 million euros. The statement from the company reads that it has acquired 67 % interest in electricity distributor CEZ Distribution Bulgaria and electricity supplier CEZ Electro Bulgaria, as well as 100 % of the shares of licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass power plant Bara Group, and CEZ Bulgaria – the coordinator of CEZ Group’s units in Bulgaria, through its wholly-owned subsidiary Eastern European Electric Company.
