Three companies want to buy drugstore wholesaler Galenica-Silfarm

Warsaw (Puls Biznesu) – Torfarm is not the only company wishing to buy Galenica-Silfarm. Prosper and PGF joined.

Warsaw (Puls Biznesu) – Torfarm is not the only company wishing to buy Galenica-Silfarm. Prosper and PGF joined.

Three companies want to buy drugstore wholesaler Galenica-Silfarm

APA - Austria Presse Agentur
opublikowano: 23-06-2006, 16:15

Warsaw (Puls Biznesu) – Torfarm is not the only company wishing to buy Galenica-Silfarm. Prosper and PGF joined.

Warsaw (Puls Biznesu) – Torfarm is not the only company wishing to buy Galenica-Silfarm. Prosper and PGF joined.

 

The shareholders of Galenica-Silfarm drugstore wholesaler were supposed to sign agreement to sell the company to Torfarm. The latter has been for some time negotiating to acquire the company with a 6 percent market share on the wholesale drug market. Meanwhile, two companies have sent their letters of intent, including Prosper and Polska Grupa Farmaceutyczna (PGF).

“We offer financial support in the form of a borrowing, or increasing the capital, or tight capital connections”, Piotr Jedrzejczak, Prosper member of the board said.

 

According to “PB” sources, Torfarm offered to pay PLN 1,300 (EUR 315.9) a share. 92 percent would be paid in Torfarm’s shares and 8 percent in cash. Piotr Sucharski, Torfarm deputy CEO and CFO refused to confirm the data.

“We don’t have full data on the company but basing on scarce data which were made public we assume that the price offered to the shareholders could be 50 percent higher than Tofarm’s. We have learnt only recently that the company is looking for a stronger partner and we have not had time to submit our offer. Now we propose to start talks”, Zbigniew Molenda, PGF deputy CEO said.

 

Piotr Sucharski from Torfarm believes that the rivals want to disturb the transaction.

“They do not want to acquire the company. They know that we will be no rival to them because we don’t have drugstores”, Piotr Sucharski said.

Meanwhile, several dozens of 1,300 shareholders of Galenica-Silfarm are not sure if they like Torfarm’s proposal. PGF has 20 percent market share and last year had PLN 16.1m of net income. Torfarm has 10 percent market share and had PLN 3.2m of net income last year. Prosper has also a 10 percent market share and generated PLN 3.8m of net income in 2005. Galenica-Silfarm has 6 percent of the market. Last year, it had PLN 1.6m of net income. The value of the company is estimated at PLN 120m.

(PLN 1 = EUR 0.243)

 

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Podpis: APA - Austria Presse Agentur

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