IVAX Announces Intention To Revise Its Offer For Polfa Kutno
DOW JONES NEWSWIRES
April 23, 2004
MIAMI -- Ivax Corp. (IVX) boosted its offer to acquire shares of Kutnowskie Zaklady Farmaceutyczne Polfa S.A. (PFK.WA) after Italian drugmaker Recordati S.p.a. (REC.MI) raised its offer for the Polish pharmaceutical company Thursday.
In a press release Friday, Ivax said it is now offering 340 PLN a share, or $84.60 for the Polish company, also known as Polfa Kutno, and expects the deal to add to its earnings.
Last week, Ivax said it would buy Polfa Kutno shares for 310 PLN, or $79.49 a share, a price Recordati matched Thursday. According to Reuters, Recordati will not increase its offer further.
Recordati is offering cash for up to 938,000 share, or about 49.4% of Polfa Kutno's 1.9 million shares outstanding, while the Ivax offer is a stock-for-stock transaction for 75% to 100% of Polfa Kutno's outstanding stock.
Company Web site: ivax.com |
