Zentiva NV rejected as too low French drugmaker Sanofi-Aventis SA's $2 billion offer for the shares of the Czech generic drugmaker that it doesn't already own

MondayMorning, July 21, 2008

The bid, made the week prior, doesn't value Zentiva's improving operations or the potential of its Eastern European markets, the company said last week. Sanofi already owns a 24.9% stake and published its 1,050 koruna-a-share bid on July 11. The offer values Zentiva at 40 billion koruna ($2.7 billion), Paris-based Sanofi said.

PPF Group NV, the Czech Republic's biggest closely held financial group, is offering 950 koruna a share, valuing Prague-based Zentiva at $2.3 billion. Shareholders have until Sept. 19 to decide on the offer, Sanofi spokesman Jean Marc Podvin said.