SC allows Daiichi Sankyo open offer for Zenotech

SC allows Daiichi Sankyo open offer for Zenotech
PTI
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First Published: Fri, Jul 24 2009. 04 29 PM IST
Updated: Fri, Jul 24 2009. 04 29 PM IST
New Delhi: The Supreme Court on Friday allowed Japanese pharma firm Daiichi Sankyo to go ahead with the public offer for an additional 20% stake in Zenotech Laboratories.
A bench headed by Chief Justice K G Balakrishnan stayed the Madras high court interim court that granted an interim injunction in connection with the offer.
Earlier in February, Daiichi Sankyo had announced it would launch an open offer for Zenotech to acquire 68.85 lakh shares or a 20% stake.
Daiichi had said it would pay up to Rs78.23 crore, at Rs113.62 a share, to Zenotech shareholders for the stake in the open offer, which was scheduled to begin on 15 July and close on 3 August.
However, the offer ran into controversy as the pharma firm complained to Sebi against Daiichi for allegedly not honouring a commitment to make the offer at Rs160 per share.
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First Published: Fri, Jul 24 2009. 04 29 PM IST