CNB’s opinion on the voluntary takeover bid made by Anthiarose Limited

A draft bid document containing the formalities of a voluntary takeover bid intended for shareholders of Zentiva N.V. was submitted to the Czech National Bank by Anthiarose Limited from PPF Group on 5 May 2008. The Czech National Bank did not forbid the publication of the takeover bid within the time limit of 15 working days and took no other action to affect the said time limit. Anthiarose Limited is thus entitled to publish the takeover bid intended for shareholders of Zentiva N.V. after the time limit expires (the time limit ended on 27 May 2008).

Since 1 April 2008, the takeover bid review process has been governed by the new Act on Takeover Bids (Act No. 104/2008 Coll.). Under this statute, voluntary takeover bids do not require Czech National Bank approval. Instead, the law merely requires voluntary takeover bids to be submitted to the Czech National Bank before publication. The CNB then has the option of forbidding the publication of the takeover bid if it contains serious defects. If the CNB does not forbid the publication of the takeover bid within the set time limit, the entity that submitted the takeover bid is allowed to publish it.

Pavlína Bolfová, CNB spokesperson