Zentiva’s management regarded PPF’s intention to make a public bid on shares at CZK 950 as unsolicited yesterday in a company statement. PPF Group N.V. is acting in concert with PPF Holding B.V. holding 19.1% stake in .
Zentiva's Board will review PPF’s announcement, but its fully considered response will be made available in due course after it receives the full details of the offer. In the meantime strongly advises shareholders to take no action in regards to the intended offer.
Our view: We see the news as neutral following yesterday’s stellar share price reaction.