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Our Bureau

Hyderabad , Aug. 29

DSP Merrill Lynch Ltd has announced an open offer to the shareholders of Matrix Laboratories Ltd on behalf of MP Laboratories (Mauritius) Ltd and Mylan Laboratories Inc.

The acquirers propose to buy up to 3.08 crore voting equity shares of Rs 2 each of Matrix Labs, constituting 20 per cent of equity, at a price of Rs 306 a share payable in cash.

Stating that the total fund requirement for the acquisition was estimated at Rs 943.45 crore, DSP Merrill Lynch said the acquirers currently have cash/cash-equivalent investments in excess of $215 million (Rs 1,002 crore) with JP Morgan Asset Management. Further, the acquirers have also created an escrow account in the form of a bank guarantee of an amount of Rs 118.78 crore issued by Citibank NA. The public offer opens on October 20 to close on November 8. The acquirers would communicate either rejection or acceptance and payment of consideration for accepted tenders by November 23.

More Stories on : Open Offers | Pharmaceuticals | Mergers & Acquisitions

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Open offer to Matrix Lab shareholders

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