Ivax tries to outbid Recordati for Polfa Kutno drugs stake

According to unspecified sources, Ivax is ready to offer zł.310 a share, as opposed to the zł.287 per share figure offered by Italy's Recordati. However, according to some analysts, the objective value of Polfa's share is zł.300, although others have estimated it as being more like zł.350. Hanna Kędziora, an analyst at BRE Bank, believes that any takeover of Polfa would not prove to be problematic for such a large firm as Ivax. The potential American investor is keen to enter the Warsaw bourse and, rather unusually, wants to exchange shares for shares rather than offer cash in its bid. (Puls Biznesu, pp. 1,4) J.J.