Bulgaria’s Financial Supervision Commission (FSC) said that it has suspended the publication of local Tomov Development’s squeeze-out bid for hotel operator Velina.
Tomov Development is seeking to acquire 8,560 shares in Velina, the FSC said in a statement on Tuesday.
The regulator did not provide further details in its statement.
In December 2019, Tomov Development has increased its stake in Velina to 99.43% via a buyout offer priced at 8.40 levs ($4.74/4.29 euro) per share. Subsequently, Tomov Development acquired a further 38 shares in the company upon the request of one of the minority shareholders.
Velina shares last traded on the Bulgarian Stock Exchange at a price of 8.35 levs.