Businessmen Ivaylo Mutafchiev and Tseko Minev, who jointly control the majority stake in Bulgaria’s First Investment Bank (FiBank), have made a buyout offer for the shares they still do not hold in the bank, FiBank said.

Mutafchiev and Minev, who currently own jointly 85% of the bank, want to buy some 16.3 million shares, equal to 14.86%, FiBank said in a statement filed with the Sofia stock exchange.

The buyout bid will be valid for 28 days after its publication in two newspapers.