Servier Announces Egis Share Buy-Up In Hungary
- 25 Sep 2013 9:00 AM
France’s Servier pharmaceutical group, the majority owner of Egis, yesterday announced a public offer for all outstanding shares in the Hungarian drugmaker. Servier will pay Ft 28,000 for all of the 49.1% of Egis shares that it does not already own.
As Egis shares are trading at Ft 21,050, Servier is offering a 33% premium to shareholders and a 38% premium over the average price of the preceding six months.
Egis management is expected to declare its opinion of the public offer next week.
The purchase will cost Servier Ft 107 billion, at a time when the Egis profit reserves amount to Ft 183.5 billion.
Source: Hungary Around the Clock
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