Warsaw (Puls Biznesu) – Lithuanian Sanitas still wants to buy Jelfa medicine producer. Sanitas may offer the same price as its rival Enterprise Investors (EI) fund.
Lithuanian Sanitas is analyzing how to react to the tender offer for Jelfa, Poland’s leading medicine producer, announced by Enterprise Investors fund.
“We will announce our decision next week”, Saulius Jurgelenas, Sanitas CEO said.
Sanitas has been negotiating for several months now to buy 47 percent stake in Jefla from the state, its agency ARP and its insurance company PZU.
“The agreement is ready. We are waiting for signatures”, Dariusz Budzen, the head of Pekao Access, which advises the Lithuanians, said.
However, the tender offer of EI may cause problems. Sanitas wanted to pay PLN 87.1 (EUR 22.8) a share before. The fund offered PLN 90 a share. Sanitas has two options: either to give up the transaction or to modify its offer. Saulius Jurelenas assured that his company would not withdraw from the plans to buy Jelfa. Market speculates that Sanitas will offer a higher price than EI. Yesterday, Jelfa’s shares traded around PLN 90.
“This is sheer speculation. We have several options”, Sanitas CEO commented.
In his opinion, Sanitas could announce a tender offer with the same price of PLN 90.
The Lithuanians have already negotiated an agreement with trade unions, a step EI is only promising. Sanitas has an agreement with the owners of nearly half of the capital while the fund’s offer will be valid only when a majority stake is put up for sales. Sanitas wants to buy the whole company. Saulius Jurgelenas assured that his company has funds already. Jelfa may cost PLN 600m.
(PLN 1 = EUR 0.262)