Tomov Development Ltd made a buyout bid to acquire the remaining 5.45% stake in Velina AD (BUL:4VE) for BGN 0.7 million on October 15, 2019. Under the terms, Tomov Development will acquire 83,397 million shares for BGN 8.4 per share. The offer has not yet been approved by the Financial Supervision Commission. As of November 5, 2019, Financial Supervision Commission suspended the publication of the buyout offer. As of November 13, 2019, despite a revision of the justification of the offered price, Tomov Development Ltd is still offering to pay BGN 8.4 per share. The Board of Directors of Velina finds Tomov Development's revised buyout bid, a fair offer to minority shareholders. As of November 22, 2019, the Bulgaria's Financial Supervision Commission has approved the buyout offer by Tomov Development for the remaining shares of Velina. Tomov Development Ltd completed the acquisition of the remaining 5.45% stake in Velina AD (BUL:4VE) on December 27, 2019. The tender offeror has reached the threshold of 99.43% of the votes in the General Meeting of Shareholders of the Company and pursuant to Art. 157a of the POSA, within three months following December 23, 2019, shall be entitled to squeeze out the voting shares of the rest of the shareholders. In early April, Tomov launched a squeeze-out bid for the remaining 8,560 shares in Velina it does not own.