September 24, 2013 / 7:43 AM / in 5 years

Servier offers $483 million for rest of Hungarian drugmaker Egis

BUDAPEST (Reuters) - French drugmaker Servier has offered to buy the shares in Hungarian pharmaceuticals maker Egis EGIS.BU it does not already own in a deal worth 107 billion forints ($482.83 million).

Egis said in a statement that a Servier’s Arts et Techniques du Progres unit currently holds 51 percent of Egis shares. Servier is offering 28,000 forints ($130) per share, a 33 percent premium to Egis’s closing share price on Monday.

“Following the conclusion of the offer, Servier Group will consider requesting a general meeting of Egis to decide on the delisting of Egis from the Budapest Stock Exchange,” Servier said in a statement.

Egis will hold a board meeting to discuss the offer.

Egis shares closed at 21,050 forints on Monday according to Reuters data. The Budapest bourse had earlier in the day suspended trading in the company’s shares pending an extraordinary announcement from the company.

Egis posted a net profit of 2.92 billion forints for the third quarter, down 43 percent from the same quarter a year ago due to unfavourable exchange rate changes.

Servier Group, a research-led pharmaceutical group, has owned a majority stake in Egis since 1995.

Servier said it did not plan to change Egis’ strategy.

($1 = 221.6083 Hungarian forints)

Reporting by Krisztina Than; Editing by Louise Heavens

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