Galenika purchaser gives offer to small shareholders

The purchaser of Galenika, Luxembourg-based Elius, has announced its takeover bid for the shares of the minority shareholders in this pharmaceutical company. The majority owner has 83.9% of the company's shares, whereas 10.5% of the capital consists of own shares, the result of the process of mandatory investments.

Small shareholders have 5.61% of the shares, and the majority owner obliged during the privatization to offer a price not lower than EUR 7.14 per share, the amount paid for the state's stock. The state sold its stock for EUR 16 million in early November 2017.

There are 4,790 small shareholders, and they have 149,813 of the nearly 2.4 million shares issued. On average, they have 31 shares, which they acquired back in 2008, and they now stand to get around EUR 220 at the offered price.

Under the agreement, the purchaser had to make an unconditional offer for the buyout of shares not subject to the purchase within six months, with the price not going below the price per share from the sales and purchase agreement. The deadline for this takeover bid expired in May.

Under domestic regulations, if it acquires more than 90% of the shares, the majority owner may organize a forced buyout, so it's highly likely that minority shareholders will sell their shares in the company this way or another.

Galenika a.d. Beograd

EMS S.A. Brazil

Galenika

Elius Luxembourg

takeover of shares from minority shareholders at Galenika

Galenika shares