93% Shares of OctoPlus Acquired
Dr Reddy’s Laboratories (DRL), which is in the process of acquiring Netherlands-based speciality pharmaceutical company OctoPlus NV for about 27.4 million euro, has so far managed to get nearly 93% shares of the firm in its favor.
“During the offer period, which ended at 1800 hours CET on February 8, 2013 (the Closing Date), 37,233,244 shares, representing 70.7% of the shares and a value of 19,361,286.88 euro, have been tendered for acceptance under the offer,” DRL officials released in a statement. “The 11,575,394 shares held by the offeror at 1800 hours CET on the Closing Date, together with the shares tendered under the offer, represent a total of 92.7% of the shares. This percentage exceeds the acceptance threshold of 92.5% of OctoPlus’ aggregate issued and outstanding share capital.”
DRL officials further announced the commencement of a Post Closing Acceptance Period from February 13-26 to enable the shareholders who did not tender their shares during the offer period to sell shares.
On October 22, the drug major announced that it has decided to acquire OctoPlus NV for about 27.4 million euros. The transaction is expected to be completed by the end of the current financial year, GV Prasad Vice Chairman and Chief Executive Officer, DRL had said earlier. As per the agreement, DRL made an open offer to purchase all outstanding shares of OctoPlus at an offer price of 0.52 euro in cash for each share. The extraordinary general meeting of OctoPlus held last month approved the appointment of GV Prasad and R Ananthanarayana to the Supervisory Board of the Netherlands- based pharma company.
DRL officials indicated it intends to acquire all shares in the company, and in order to achieve this, the Indian drug maker aims to increase its interest in OctoPlus to a level that allows it to initiate a takeover squeeze-out procedure in accordance with Dutch Civil laws.
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