Equity
Last trading day for Hungary's Egis, delisting set to 12 Dec
The last day has come when trading in Egis shares is still possible, as the BSE has announced that, with effect from 12 Dec, the shares will be removed from the product list.
According to the regulation, the period between the last trading day and delisting date may not be less than the settlement cycle provided by KELER Zrt. (Central Clearing House and Depository Ltd.) rules.
The day of delisting has arrived fairly rapidly, as Arts et Techniques du Progrès, a fully-owned subsidiary of Servier, made a voluntary public purchase offer for all all registered ordinary shares of Egis still not owned by ATP (at HUF 28,000 per share) only on 24 September. The offer was approved by the Hungarian Financial Supervisory Authority (HFSA or PSZÁF) on 27 September and ATP acquired 3,543,617 pieces of ordinary shares of Egis, reaching a 96.43% ownership ratio in the company. Then ATP launched the squeeze-out process of the minority shareholders of Egis.
There was no fight to squeeze out a higher price from Servier. The state was the key player in this story and it could have driven the price higher, only the 5% Egis stake was not a sufficiently large package for the National Asset Management Company (MNV) to make a fuss about it and it still made nice gains on the transaction. The state pocketed HUF 10.33 billion on the sale of its Egis package.
About 61,000 Egis shares were not offered for sale to ATP. Those that were not transferred to ATP during the delivery period (between November 18 and 29) will be declared invalid by Egis that will issue new shares instead, which will be provided to ATP. These shareholders will also receive HUF 28,000 per share.
According to the regulation, the period between the last trading day and delisting date may not be less than the settlement cycle provided by KELER Zrt. (Central Clearing House and Depository Ltd.) rules.
The day of delisting has arrived fairly rapidly, as Arts et Techniques du Progrès, a fully-owned subsidiary of Servier, made a voluntary public purchase offer for all all registered ordinary shares of Egis still not owned by ATP (at HUF 28,000 per share) only on 24 September. The offer was approved by the Hungarian Financial Supervisory Authority (HFSA or PSZÁF) on 27 September and ATP acquired 3,543,617 pieces of ordinary shares of Egis, reaching a 96.43% ownership ratio in the company. Then ATP launched the squeeze-out process of the minority shareholders of Egis.
There was no fight to squeeze out a higher price from Servier. The state was the key player in this story and it could have driven the price higher, only the 5% Egis stake was not a sufficiently large package for the National Asset Management Company (MNV) to make a fuss about it and it still made nice gains on the transaction. The state pocketed HUF 10.33 billion on the sale of its Egis package.
About 61,000 Egis shares were not offered for sale to ATP. Those that were not transferred to ATP during the delivery period (between November 18 and 29) will be declared invalid by Egis that will issue new shares instead, which will be provided to ATP. These shareholders will also receive HUF 28,000 per share.
