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The Romanian Securities Commission yesterday approved the amendment of the takeover bid made by the Rompetrol Group, by which the latter raises the price at 0.0751 lei/share for shares of "Rompetrol Rafinare".
The increase of the bid came as a result of the acquisition of a 1.53% stake in RRC by the Rompetrol Group in the beginning of this week, at a price higher than the price of the takeover bid (0.0750 lei/share).
This is the second time the Rompetrol Group was forced to raise the bid of its takeover offer, after it bought 3.3 billion shares on the first day of the takeover offer at a price of 0.0750 lei/share, up 1.2% over the initially announced price.
According to regulations by the Romanian Securities Commission, (CNVM), if after the beginning of a takeover offer the bidder or the people that it is acting in concert with buy shares of the company outside the takeover bid, the acquirer needs to raise the price of its takeover bid, to have it at least match the highest price it paid outside the tender offer.
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