The offer was at 10.73 leva per share. However, the Commission found out that the fact that BTC has issued two types of shares (ordinary shares and one golden share) has not been taken into consideration. Nef Telcom have not mentioned the privileges that the privileged share has to its holder (the Minister of transport) and its additional value.
Another reason is that Nef Telecom cannot prove it has the funds necessary to acquire all shares subject to the offer.
Moreover, the FSC concluded there is insufficient information as to the future intentions of the company regarding BTC. There is no information as to the future management of BTC.
The Commission also questions the accuracy of the 10.73 leva bid. The FSC pointed out that the three-month period (17 May – 17 August) chosen for the calculation of the reasonable price does was too far from the date August 30, when the tender offer was filed for approval with the FSC.
Since the tender offer was announced the price of BTC's stock froze on 10.70 leva.