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Bangalore, Oct. 10

Opto Circuits India Ltd has dropped the proposal to acquire a European medical devices company as it felt that the price was not justifiable from the viability proposition for the company. The company had announced last month that it had signed a non-binding Letter of Intent with an estimated valuation of up to $100 million for acquisition of the company. However, the European company, which manufactures ventilators and vacuum pumps, had demanded $120 million, a company so urce said. This was not acceptable to Opto Circuits said the sources, adding that it would continue to scout for similar product company. —

Our Bureau

More Stories on : Announcements | Medical & Surgical Equipments | Mergers & Acquisitions

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