French pharmaceutical group - , controlling shareholder (75% stake) of the producer of drugs SA Bucharest, will launch between 12 August and 22 September 2009 a takeover offer on the remaining shares (representing 25% stake) of the company, worth RON 73.23m (€ 17.4m). - offered a price of RON 0.7 lei for one share SA, 3.7% above yesterday's closing price of RON 0.675 per share. According to the notice of the takeover offer, French drugmaker intends to delist the company after it collected 95% stake. NV has purchased it’s 51% stake in SA at RON 1.3 per share in September 2005 and bought an additional 24% stake subsequently in a public bid offer.
We recommend shareholders to accept the public bid offer of . Our fair value estimate on SA of RON 0.35 per share stands 50% below the public bid price offer of RON 0.7 per share. Market has been speculating for a public bid offer on SA’s shares as indirectly taken over this firm, when it concluded the full takeover of Czech NV in April 2009. According to European rules, a public bid offer must be made in case of indirect offers; however it was not clear for long whether Romanian rules are fully harmonized in this respect.