Nikolay Mihailov, the founder and main shareholder in the infrastructure construction holding Trace Group Hold has filed a voluntary tender offer to the minority shareholders of the company. Mr. Mihailov controls (directly and indirectly) 90.04% of the outstanding shares in the company. The price offered, BGN 3.80, is higher than the fair value, calculated by the offeror at BGN 3.77, the average weighted market price for the last 6 months – BGN 3.02 and the highest price paid by the offeror for shares in Trace during the last 6 months – BGN 3.68. After the news was released, the market almost closed the gap to the tender offer price and ended the day at BGN 3.74 (+3.31% DoD). The offeror announced intentions to delist the company if sufficient number of shares accept the tender offer. The tender offer is pending approval by the Financial Supervision Commission.