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Plethico Pharma buys US-based Natrol for $81 mn

Plethico Pharma buys US-based Natrol for $81 mn
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First Published: Mon, Nov 19 2007. 11 45 AM IST
Updated: Mon, Nov 19 2007. 11 45 AM IST
PTI
Mumbai: Plethico Pharmaceuticals said on 19 November it will acquire US-based Natrol Inc for $80.7 million (Rs317.07 crore) to consolidate its position as a global player in herbal healthcare products.
The acquisition would be made by an initial tender offer to acquire the outstanding stock of the US-based manufacturer of nutritional products Natrol Inc at $4.40 a share, Plethico Pharma informed the Bombay Stock Exchange.
“The acquisition brings under our fold a professional entity which has a very strong presence in the US in addition to operations in the United Kingdom and Hong Kong,” chairman and managing director, Plethico Pharma, Shashikant A Patel said.
Accessing these markets will make Plethico a global player and will expand upon our international presence in Commonwealth of Independent States (CIS), Africa, South East Asia, Latin America, GCC, he added.
Around 42.3% of Natrol stockholders have committed to tender their shares in the offer, the company said.
The tender offer would commence on 27 November and would remain open for a minimum 20 business days, subject to extension under certain circumstances, it said.
Singhi Advisors along with US-based Brocair Partners were the financial advisors to Plethico.
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First Published: Mon, Nov 19 2007. 11 45 AM IST