The local subsidiary of AIG Capital Partners, NEF Telecom, has improved the buyout price in the tender offer to minority shareholders of the country’s main landline telecoms operator BTC. The new price proposal is set at BGN 11.3 (EUR 5.78) per share or 5.3% above the previously offered price of BGN 10.73. The state financial commission has rejected the first buyout offer due to a number of irregularities, including incorrect calculations of the price threshold derived from the evaluation methods envisaged in the line legislation. The commission also demanded a different pricing approach for the state “golden share” that gives the government the right to block key decisions. AIG Capital Partners completed the acquisition of 90% of BTC in block deals on the local stock exchange for a total of BGN 2.77bn or BGN 10.70 per share about 2 months ago.