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Daiichi open offer for Ranbaxy from 16 August

Daiichi open offer for Ranbaxy from 16 August
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First Published: Tue, Aug 05 2008. 01 21 PM IST
Updated: Tue, Aug 05 2008. 01 21 PM IST
Reuters
Mumbai: Japanese drug maker Daiichi Sankyo will launch an open offer to buy a further 20% in India’s Ranbaxy Laboratories on 16 August, the Indian firm said on Tuesday.
Daiichi Sankyo, which agreed in June to acquire 34.8% from Ranbaxy’s founding family, is spending up to $4.6 billion in its bid to take control of India’s top drug maker by sales.
It had hoped to launch the open offer on 8 August, but said on 31 July the schedule had been delayed as the Securities and Exchange Board of India had not approved it by then.
The revised dates were announced after India’s market regulator approved the offer on Monday.
The open offer, which closes on 4 September, would be at Rs737 per share, the same price it had paid the founding family.
Shares in Ranbaxy were up 0.5% at Rs526.40 in a firm Mumbai market. Daiichi Sankyo’s Tokyo-listed shares rose 3.8% to 3,260 yen.
ICICI Securities is managing the open offer, while Nomura Securities is advising Daiichi Sankyo on the deal. Daiichi Sankyo has said it aims to close the Ranbaxy acquisition by the end of September.
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First Published: Tue, Aug 05 2008. 01 21 PM IST