Zentiva board agrees Sanofi offer

Source: Healthcare Digital

Date :02/10/2008 08:54:43

Zentiva NV have said its board unanimously recommended that shareholders accept an all-cash bid of CZK1,150 per share by French drugmaker Sanofi-Aventis SA.

The Czech drugmaker said that Sanofi’s offer is in the best interest of investors. The deal values Zentiva at around €1.8 billion.

Zentiva had previously rejected an earlier CZK1,050 per share bid by Sanofi, saying it failed to reflect the company's future growth potential. However, Zentiva's Chief Executive Jiri Michal has said that the new offer "represents attractive value for Zentiva's shareholders particularly in light of the current market turbulence."

Separately, a subsidiary of PPF Group NV yesterday called for an extraordinary shareholders meeting of Zentiva so minority shareholders can learn more about an offer made by Sanofi. Generali PPF Holding BV has 21.59 percent voting rights in the Czech drugmaker.