Bulgaria's Energo-Pro Varna Raises Buyout Bids for Two Units

Bulgaria's Energo-Pro Varna, a fully-owned subsidiary of Czech power group Energo-Pro, has raised its buyout bids for power supplier Energo-Pro Sales [BUL:4ES] and power distributor Energo-Pro Grid [BUL:2EG] to 23.25 levs ($13/11.9 euro) and 164.42 levs per share, respectively, the two units said in separate statements on Friday.

Energo-Pro Varna targets to buy 9.56% of Energo-Pro Sales and 9.82% of power distributor Energo-Pro Grid.

Last month, the Bulgarian financial regulator sent back for revision Energo-Pro Varna's buyout offer for its two units. At the time, the company offered to pay 20.7 levs per share for the remaining 143,495 of Energo-Pro Sale and 154 levs per share for 129,376 shares of Energo-Pro Grid it does not own yet.

Apart from the price, Energo-Pro Varna has made no other changes to the buyout offers, Energo-Pro Sales and Energo-Pro Grid said in a bourse filings.

Energo-Pro Varna has said it does not intend to change or terminate the operations of either of the two companies, nor change their management, if it takes full control over them.

Energo Pro-Varna is also the sole owner of Energo-Pro Energy Services, which provides electricity trading and coordinator of standard balancing group.

Source: SeeNews