German Outcast Bidder Challenges Bulgarian Film Center Sale

by Sofia News Agency www.novinite.com
Bavaria Film, an outcast bidders in the tender for the sale of Bulgaria's state film center Boyana Film, appealed the final results in the tender. In the middle of June Bulgaria's sale body selected US movie company Nu Image as the buyer of 95% stake in the state film center Boyana Film EAD. Nu Image was one of the three final bidders for Boyana film center. It pitched the highest bid, a total of EUR 6.250 M (BGN 12.2 M) for acquiring a 95% stake in the Bulgarian film center. They vowed first-year investments of EUR 11.4 M out of the whole of EUR 15.6 M in investment plans. Compensation instruments are to be paid for 30 per cent of the shares. Bavaria Film, in consortium with Bulgaria's SIA Advertising, offered BGN 8.9 M for 95% of Boyana, including 65% payable in cash and 30% in non-cash instruments. The other outcast bidder UK's Ealing Studios Enterprises, which submitted a price of BGN 7,5 M and an investment plan at the cost of BGN 18,775,968, withdrew from the deal, "disappointed" by the privatisation tender.

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