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Sanofi-Aventis extends Zentiva's offer into February

This article was originally published in Scrip

Executive Summary

Sanofi-Aventishas received permission to postpone the expiry date for the validity of its offer to acquire Zentivafrom November 28th to February 20th, 2009. Sanofi-Aventis Europe offered to buy all of Zentiva's shares, including GDSs, for CK1,150 ($59.30) per sharethis summer (Scrip Online, June 23rd, 2008). The content of its offer allowed Sanofi-Aventis Europe to extend the validity period at the Czech National Bank's consent, if additional time is needed to meet all the conditions. The company requested the extension because it failed to obtain positive opinions from all the competition authorities by the end of November. It has received them from the competition authorities of Russia, Ukraine and Turkey, but not yet the European Union, Sanofi-Aventis said.

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