Ranbaxy open offer from 8 August, says Daiichi

Ranbaxy open offer from 8 August, says Daiichi
Comment E-mail Print Share
First Published: Mon, Jun 16 2008. 12 46 PM IST
Updated: Mon, Jun 16 2008. 12 46 PM IST
Reuters
Mumbai: Japanese drug maker Daiichi Sankyo said on 16 June that its open offer to buy up to 20% in India’s Ranbaxy Laboratories would open on 8 August.
Daiichi struck a deal last week worth up to $4.6 billion to take control of Ranbaxy, India’s leading drug maker by sales.
The Japanese No. 3 drug maker agreed to acquire 34.8% from Ranbaxy’s founding Singh family and then to make an open offer for up to 20% at Rs737 a share. If the offer is fully accepted, Daiichi’s stake will rise to 58.09%.
Daiichi said in a public notice that it would send offer letters to shareholders whose name appear in the book on 27 June. “The open offer to buy up to 92.5 million shares will close on 27 August,” it said.
The last date for a competitive bid for Ranbaxy is 7 July, Daiichi said in the notice. As per Indian takeover regulations, a counter bid has to be made within 21 days of the original public announcement.
Comment E-mail Print Share
First Published: Mon, Jun 16 2008. 12 46 PM IST