Dr Reddy's acquires 93 % shares of OctoPlus; extends offer till 26 February
12 Feb 2013
Dr Reddy's Laboratories (DRL), which is in the process of a 27.4 million euro ($36.82 million) acquisition of Netherlands-based speciality pharmaceutical company OctoPlus NV, has so far managed to muster nearly 93 per cent shares of the firm in its favour.
The company has now extended a post-closing buy offer from 13 February to 26 February to enable all interested shareholders to avail of the offer.
"During the offer period, which ended at 1800 hours CET on February 8, 2013, 37,233,244 shares, representing 70.7 per cent of the shares and a value of 19,361,286.88 euro, have been tendered for acceptance under the offer," Dr Reddy's said 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 per cent of the company's shares.
"This percentage exceeds the acceptance threshold of 92.5 per cent of OctoPlus' aggregate issued and outstanding share capital," Dr Reddy's added.
Dr Reddy's, which announced the 27.4 million euros (Rs193 crore) acquisition plan for OctoPlus NV on 22 October 2012, expects to complete the transaction by the end of the financial year.