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No hostile takeover bid for Orchid, says Ranbaxy

No hostile takeover bid for Orchid, says Ranbaxy
PTI
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First Published: Wed, Apr 09 2008. 04 15 PM IST
Updated: Wed, Apr 09 2008. 04 15 PM IST
New Delhi: Pharmaceutical major Ranbaxy Laboratories, which has been linked to a hostile takeover bid of Chennai-based Orchid Chemicals, said on 9 April the company does not believe in such practices.
“As a company, we do not believe in hostile takeovers,” a company spokesperson said.
Solrex Pharma, reportedly a Ranbaxy promoter group firm, had acquired over 8% in Orchid Chemicals through open market purchases.
The Ranbaxy official neither confirmed nor denied whether Solrex Pharma is a part of the Ranbaxy Group.
Yesterday (8 April), a top Orchid Chemical official confirmed to PTI that Ranbaxy has acquired further stake in the company, but declined to give further details or on whether any meeting was held between the two companies.
“Ranbaxy has acquired around five per cent stake in the company (but) we are not going to comment on anything that has been speculated about the acquisition of the company,” Orchid Chemicals & Pharmaceuticals managing director Kailasam Raghvendra Rao said.
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First Published: Wed, Apr 09 2008. 04 15 PM IST