UPDATE: Sanofi Hikes Price For Zentiva, Which Recommends Bid
Monday September 22nd, 2008 / 8h08
(Adds detail, analyst comments) By Geraldine Amiel and Ruth Bender Of DOW JONES NEWSWIRES PARIS -(Dow Jones)- PARIS (Dow Jones)--Pharmaceutical giant Sanofi-Aventis SA (12057.FR) Monday increased its takeover price for Czech generic drug maker Zentiva AS (SKB.BS), the board of which recommended the new offer. Sanofi raised its offer price to CZK1,150 in cash per share, representing a 25.5% premium to Zentiva's closing share price on April 30 - and valuing the company at around EUR1.8 billion. The offer represents an improvement of 9.5% over Sanofi-Aventis's initial offer price, the company noted. Analysts and traders largely welcomed the news as many had viewed Sanofi's previous offer as too cheap. "The price is a bit expensive but still affordable," a Paris-based analyst commented Monday. "The deal would be a good opportunity for Sanofi to establish itself on the Eastern European market, from which it could then enter China," the analyst added. Zentiva had repeatedly reiterated its view in the last months that Sanofi-Aventis' previous CZK1,050-a-share bid undervalues the generic drugmaker's actual worth. Last month Zentiva said it would consider an offer that better values the company, or else maintain its independence as it plans to expand in central and eastern Europe. Sanofi Monday said it received an "irrevocable and unconditional" undertaking from Zentiva's Chairman and Chief Executive Jiri Michal to tender his Zentiva shares, representing approximately 3.4% of Zentiva's share capital and voting rights on an undiluted basis. Other members of Zentiva's management have undertaken to tender their Zentiva shares representing in the aggregate an additional approximately 2.3% of Zentiva capital and voting rights, it outlined. "Both the decisions to approve the agreement and to recommend the improved offer were taken without the participation of the two directors related to Sanofi-Aventis Europe," the French company noted in its statement. "A fairness opinion has been provided by Merrill Lynch International (MER), which acted as financial advisor to Zentiva," it also outlined. The improved offer will remain open until November 28, unless extended, the Sanofi said Thursday. The French drug giant already holds a 24.9% stake in Zentiva. Shares in Sanofi-Aventis closed Friday at EUR47.56. Company Web site: www.sanofi-aventis.com - By Geraldine Amiel and Ruth Bender, Dow Jones Newswires; +33 1 40171740; geraldine.amiel@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=ALzPELgYWIxw1xSbTuiWsg%3D%3D. You can use this link on the day this article is published and the following day.
Sanofi-Aventis est le 1er groupe pharmaceutique europ éen. Le CA par famille de produits se répartit comme suit :
- produits pharmaceutiques (89,6%)...
