PwC carries out one of the largest mandatory stock buyback offers in Latvia’s history
A mandatory offer to repurchase shares in pharmaceutical manufacturer Grindeks AS was completed on 5 July 2019, giving Liplat Holding SIA a 92.81% stake in Grindeks AS. The deal saw Liplat Holding SIA taking legal advice and support from professionals at PricewaterhouseCoopers SIA (PwC) and law firm PwC Legal.
One of the largest in Latvia’s history, the buyback offer covered a total of 1,933,269 shares. Liplat Holding SIA now holds a total of 8,896,147 shares or 92.81% in Grindeks AS, and the price of 12.59 euros per share was the highest of three options.
Preparations for the deal included a comprehensive legal, financial and tax due diligence review.
“Given the comparatively small number of capital market deals in Latvia, this project is definitely a major one, both financially and in terms of work done by our team taking a multidisciplinary approach,” said Janis Lagzdins, managing partner of PwC Legal.
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PwC firms help organisations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with more than 250 000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.lv.
About PwC Legal
Law firm PwC Legal is part of the PwC global network. PwC Legal practises in more than 90 countries, including Lithuania and Estonia, and employs more than 4,000 lawyers communicating in 123 languages around the world. PwC Legal’s main areas of practice are M&A, reorganisation, restructuring and insolvency, banking and finance law, real estate and construction law, corporate law, tax law, labour law, immigration law, data protection, intellectual property, competition law, public and private partnership, public and administrative law, dispute resolution, and litigation.
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