ICN Offers To Buy Out Hungarian Firm Alkaloida

15 July 1997

US firm ICN Pharmaceuticals has made a buyout offer for Alkaloida ofHungary, offering to pay 57% of the face value of Alkaloida shares, or 570 forint ($2.98) per 1,000 forint share. The offer is valid from July 15, 1997 to April 30, 1998.

In June 1996, ICN acquired a 50.02% stake in the Hungarian drugs company and paid around $9 million, or 57% of the face value of the stake. Later in the year, it raised its stake through increasing Alkaloida's capital. The Hungarian state would retain a 25% plus one vote stake in Alkaloida which, in 1993, was granted a 35-year exclusive license for the production of opium derivatives and psychotropic drugs. The firm's shares trade on the Hungarian over-the-counter market.

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