Industrial Holding Bulgaria AD (BUL:IHB) said that its largest shareholder Bulls proposed to increase its stake up to 58.3% by acquiring up to 25 million voting shares but no less than 15.8 million shares from other investors. Bulls, which holds interest of 35.02% in Industrial Holding Bulgaria, is now seeking to purchase an additional voting stake of up to 23.28%, the holding company said in a press release earlier this week. Bulls is offering to acquire the additional shares at BGN 0.95 ($0.59/EUR 0.48) apiece, which implies a premium to the target company's average closing price of 0.9151 over the past six months. The tender offer, which will run for 28 days, will be considered successful if at least 15.8 million shares representing a voting stake of 14.71%, are validly tendered. The proposed increase in shareholding interest aims to allow Bulls to take more active part in the decision-making process in the target company in terms of strategy, policy, investments and business development, according to the press release. Bulgaria's Financial Supervision Commission has yet to rule on the submitted tender, Industrial Holding Bulgaria said.