Printer Friendly

Zentiva NV, the Czech drugmaker being acquired by Sanofi-Aventis SA, said its board unanimously recommended that shareholders accept the French company's offer and tender their stock.

Sanofi's all-cash bid of 1,150 Czech koruna ($66.21) a share is in the best interest of investors, the Prague-based company said in a Regulatory News Service statement. The deal values Zentiva at about $2.6 billion. Bel Viport Trading Ltd. raised its stake in Zentiva to 10%, according to a Dutch regulatory filing. Sanofi acquired a 24.9% stake in the Czech company in March 2006.

Zentiva is not planning to call an extraordinary shareholders meeting to discuss the Sanofi bid, the company said in a statement in Prague. A subsidiary of PPF Group NV last week called for an extraordinary shareholders meeting of Zentiva so minority shareholders can learn more about an offer made by Sanofi-Aventis. Generali PPF Holding BV has 21.59% voting rights in the Czech drugmaker.
COPYRIGHT 2008 MedContent Media, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:MondayMorning
Article Type:Brief article
Date:Oct 6, 2008
Words:132
Previous Article:Daiichi Sankyo Co.
Next Article:Bush vetoes expansion of children's insurance program.
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters