French pharmaceutical company Les Laboratoires Servier offered to buy the rest of Hungary’s Egis Nyrt. it doesn’t own for 107 billion forint ($483 million) and pull the stock from the Budapest Stock Exchange.
Servier, which already controls 51 percent of the Budapest-based drugmaker, offered 28,000 forint per share for all outstanding shares, a 33 percent premium over yesterday’s closing price, according to a statement posted on the Budapest bourse’s website today. Trading in Egis shares was suspended.
Egis, with the fifth-largest market capitalization on the exchange, may drop out of the Budapest bourse because it doesn’t need equity financing as a publicly traded company, Pascal Touchon, Servier’s director of business development, said in an interview posted on the company’s website.
“The offer price is final and Servier will not increase the price outlined in the public offer,” Touchon said, adding that Servier isn’t planning any post-bids after the acceptance period ends, regardless of the original bid’s outcome.
Egis shares fell 1 percent to 21,050 forint yesterday, pushing this quarter’s decline to 3.9 percent.
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