Bulls AD made an offer to acquire remaining 22.1% stake in Industrial Holding Bulgaria AD (BUL:IHB) for BGN 45 million on August 12, 2021. Offeror will acquire 23,690,662 shares of IHB representing up to 22.058% of the capital and 24.472% of the votes at a price of BGN 1.9 per share. As of September 15, 2021, Offeror increased the offer price to BGN 1.99 per share. As of November 12, 2021, Offeror increased the offer price to BGN 2.08 per share. Offer will have no impact on management structure, number of employees, place of business and business of IHB. The time limit for acceptance of the Tender offer is 28 days after the publication date of the Tender offer and its significant terms and conditions. Bulgaria's Financial Supervision Commission (FSC) on September 9, 2021, temporarily banned the publication of the bid, requiring the Bulls AD to present liquidation value calculation. However, the independent appraiser hired by Bulls has calculated the liquidation value per share incorrectly, among other inconsistencies. As of October 1, 2021, FSC has banned the publication of a revised tender offer. As of November 11, 2021, The Financial Supervision Commission adopted a decision not to issue a final ban on the tender offer publication.