Bermuda Stock Exchange (BSX)-listed Fabian Romania Ltd. has sold out to Black Sea Global Properties Ltd. (BSGP) after accepting an offer for its shares from the Bulgaria real estate company.

Last month, BSGP made a recommended cash offer for the entire issued share capital of Fabian Romania, excluding those shares it already owned and at the beginning of January its board announced that the condition to the offer had been satisfied and was wholly unconditional, as announced to the BSX.

On Wednesday, the offer was accepted for 20,642,306 Fabian Romania shares, worth approximately 40.6 per cent of its existing issued share capital, while BSGP had also acquired 29,753,462 Fabian shares, representing about 58.5 percent of the share capital, totalling an ownership of 50,395,768 shares or around 99.1 percent overall.

The Offer is now closed for further acceptances.

Consideration under the offer was sent out to Fabian Romania Shareholders on Wednesday, who had previously provided valid acceptances under the offer, with consideration of acceptances received after January 14 being dispatched to accepting Fabian Romania shareholders within 14 days of receipt.