Shareholders of Bermuda Stock Exchange-listed Fabian Romania Ltd. got an early Christmas present on Friday with the news of a buyout offer at almost double that morning's share price.

Fabian, formed in April 2005 to build up assets in Romanian property, announced on Friday that Black Sea Global Properties (BSGP) had made a cash offer tobuy Fabian's entire share capital for one euro per share.

At the close of trading on Thursday, Fabian was valued at 0.52 euros, which meant BSGP's offer represented a premium of 93.2 percent. By Friday's close of trading, Fabian's share price had soared 79 percent to 0.93 euros.

Just over 70 percent of Fabian's shares are owned by eight institutional investors, according to the company's website.

BSGP's offer, agreed between the BSGP board and Fabian's independent directors, values Fabian at 50.8 million euros.

Eastern Europe has been hard hit by the global financial crisis and property prices in Romania, as in most of the region, have fallen.

Mark Holdsworth, managing director of Fabian Capital Ltd., Fabian Romania's investment manager, said Fabian had assembled a high quality portfolio of income-producing buildings and development projects.

"Shareholders now have the opportunity to realise their investment in Fabian Romania for cash at a substantial premium to the prevailing share price at a time of considerable economic uncertainty," Mr. Holdsworth said.

BSGP already owned 25 percent of Jersey-incorporated Fabian before the offer was announced. The BSX announced on Friday afternoon that BSGP had agreed to another five million shares, or ten percent of the company, taking its stake up to 35 percent.

BSGP, a wholly-owned subsidiary of Rompetrol Holding SA, is a new company incorporated in the British Virgin Islands, formed for the purposes of making the offer.

"I believe that our offer represents a full and fair price for Fabian Romania and I am delighted that we have the complete support of the company's board," Dinu Patriciu, of BSGP, said in a statement released on Friday morning.

"Our cash offer provides certainty to Fabian Romania shareholders during a period of significant economic turmoil and as the price of real estate assets in Romania continues to fall. We believe that our offer, at a 93 percent premium to the company's current share price, represents a positive outcome for Fabian Romania shareholders.

"Our investment in Fabian Romania allows us to fulfil my long held ambition to create a platform on which we can build a property company that will acquire and develop assets in Romania."

Jaroslav Kinach, chairman of Fabian Romania believed the offer represented good value for shareholders. "The offer from BSGP provides Fabian Romania shareholders with an exit, in the face of a downturn in the Romanian property market, on terms which reflect the very substantial achievements the company has made to date," Mr. Kinach said. "In this climate, this is a benchmark transaction."