Latest installment in Ivax's bid for Polfa Kutno

Ivax not only has appealed to the shareholders to reject Recordati's zł.310 per share call, which expires today, but also published adverts in two popular dailies discouraging shareholders against Recordati's offer. It is estimated that the Italian concern has already managed to buy 10% of Polfa's capital, which fell short of last weeks expectations, hampered by Ivax raising its offer to zł.340. However, Ivax is well aware that the situation can still become more complicated particularly when Recordati collects 5% of the shares and blocks delisting Polfa Kutno's shares. (Parkiet, p. 6) K.J.