Polfa Kutno likes the look of Ivax's attractive offer

Firstly, Ivax will pay investors between eight to 13% more than the Italians, and secondly it plans to swap its shares for shares in Polfa and thus float them on the WSE. "The prospect of joining an international group of Ivax members is especially lucrative for us," said Janusz R. Guy, Polfa Kutno's management board president. However, Recordati, which still harbors plans of taking over a 49.99% stake in the company, has not rejected the notion of increasing its offer. "We placed cash on the table, while all that Ivax has given so far are promises," Walter Bevilacqua, head of the Recordati's strategy department, commented. (Parkiet, p. 3; Puls Biznesu, pp. 1, 10) M.M.