Bulgaria?s Financial Supervision Commission (FSC) said it has approved the publication of a tender offer from local sugar and confectionery trader Zahar Invest to acquire 5.929% of the equity capital of sugar and ethanol producer Zaharni Zavodi AD (BUL:ZHZA). Elana Trading will act as investment intermediary on the transaction, the regulator said in a decision published on February 01, 2024. Last week, Zaharni Zavodi said it receiveda tender offer from its majority shareholder Zahar Invest to acquire the 658,848 shares in the company it does not already own at BGN 6.30 levs ($3.48/EUR 3.22) apiece.

Zaharni Zavodi's board believes the bid meets the legal requirements and is fair to its shareholders, taking into account the company's current state and prospective development, the target company in a bourse filing last week. Last August, the FSC issued a definitive ban on filing a revised offer for the takeover of Zaharni Zavodi by Zahar Invest, saying the tender does not meet the requirements of the relevant legislation and harms the interests of the target company's minority shareholders. Earlier, Zahar Investhad raised to BGN 6.29 per share from BGN 5.15 per share its proposal to acquire the 5.929% stake in the sugar and ethanol producer.