Equity
Hungary to sign strategic co-operation deal with Egis
The agreement will be signed by Foreign Trade State Secretary Peter Szijjártó and Isván Hodász, CEO of Egis.
The construction of the company’s new Research & Development centre cost HUF 4.6 billion and the project received HUF 1.15 billion grant from the European Union and the Hungarian state.
The development will make Egis capable of manufacturing high-potency active pharmaceutical ingredients (HPAPIs), which will boost its competitiveness.
The government has so far signed strategic co-operation agreements with about 30 international enterprises operating in Hungary and plans to ink such deals with a total of 40.
Egis shareholders do not really pay attention to news such as this any longer, considering that the squeeze-out procedure is to come to an end these days, i.e. those who decided to hold on their shares are obliged to offer these to majority owner Servier (and receive HUF 28,000 per share for them).
Egis has not yet disclosed the latest information about the sqeeze-out process but it is likely that Arts et Techniques du Progres, a 100% Servier unit, has acquired close to 100% of Egis shares.
Privately owned French pharmaceutical group Servier announced on 8 November that it raised its stake in Egis to 96.43% as a result of a public offer for all shares it had not already owned. Egis shareholders offered 3,543,617 shared to Servier in the offer that closed on 5 Nov. Servier held 50.91% in Egis prior to its offer.
Small shareholders were obliged to transfer their Egis shares between November 18 and 29 and receive HUF 28,000 per share from Servier.
Any shares that were not transferred to ATP during the delivery period will be declared invalid by Egis that will issue new shares instead, which will be provided to ATP. Egis will publish an announcement regarding the payment of the purchase price for the shares having been declared invalid.
According to the regulations of the Budapest Stock Exchange (BSE) for listing, continued trading and disclosure, the exercise of the Call Option Right will result in an automatic delisting from the BSE of the Class A ordinary shares of Egis, without any further steps being required. The delisting will be completed following the invalidation of the shares pursuant to the above regulation of the Budapest bourse.
About the invalidation of shares not offered for Servier - 10:57
Egis has said in a statement on the website of the Budapest Stock Exchange (BSE) today that 60,932 Egis shares not transferred to ATP shall be invalid as of December 11, 2013, and new shares (in the same number and with equal voting rights) shall be issued instead, which new shares will be made available to the offeror Arts et Techniques du Progrès which exercised its Call Option Right.
The Issuer shall transfer the countervalue of HUF 28,000 for each invalidated share to the respective custodians’ accounts of all concerned shareholders.
The construction of the company’s new Research & Development centre cost HUF 4.6 billion and the project received HUF 1.15 billion grant from the European Union and the Hungarian state.
The development will make Egis capable of manufacturing high-potency active pharmaceutical ingredients (HPAPIs), which will boost its competitiveness.
The government has so far signed strategic co-operation agreements with about 30 international enterprises operating in Hungary and plans to ink such deals with a total of 40.
Egis shareholders do not really pay attention to news such as this any longer, considering that the squeeze-out procedure is to come to an end these days, i.e. those who decided to hold on their shares are obliged to offer these to majority owner Servier (and receive HUF 28,000 per share for them).
Egis has not yet disclosed the latest information about the sqeeze-out process but it is likely that Arts et Techniques du Progres, a 100% Servier unit, has acquired close to 100% of Egis shares.
Privately owned French pharmaceutical group Servier announced on 8 November that it raised its stake in Egis to 96.43% as a result of a public offer for all shares it had not already owned. Egis shareholders offered 3,543,617 shared to Servier in the offer that closed on 5 Nov. Servier held 50.91% in Egis prior to its offer.
Small shareholders were obliged to transfer their Egis shares between November 18 and 29 and receive HUF 28,000 per share from Servier.
Any shares that were not transferred to ATP during the delivery period will be declared invalid by Egis that will issue new shares instead, which will be provided to ATP. Egis will publish an announcement regarding the payment of the purchase price for the shares having been declared invalid.
According to the regulations of the Budapest Stock Exchange (BSE) for listing, continued trading and disclosure, the exercise of the Call Option Right will result in an automatic delisting from the BSE of the Class A ordinary shares of Egis, without any further steps being required. The delisting will be completed following the invalidation of the shares pursuant to the above regulation of the Budapest bourse.
About the invalidation of shares not offered for Servier - 10:57
Egis has said in a statement on the website of the Budapest Stock Exchange (BSE) today that 60,932 Egis shares not transferred to ATP shall be invalid as of December 11, 2013, and new shares (in the same number and with equal voting rights) shall be issued instead, which new shares will be made available to the offeror Arts et Techniques du Progrès which exercised its Call Option Right.
The Issuer shall transfer the countervalue of HUF 28,000 for each invalidated share to the respective custodians’ accounts of all concerned shareholders.
