Pharma major Dr Reddy’s Laboratories Ltd on Tuesday declared the offer for Octoplus N V ‘unconditional’.

In a takeover process, declaration of offer as unconditional would mean that the bidder received acceptance from the shareholders of the target company (Octoplus in this case) to sell their respective shares to the bidder.

In October last year, the Hyderabad-based Dr Reddy’s together with its subsidiaries announced its intention to buy Octolus, Amsterdam for an offer price of €27.39 million.

During the offer period, which ended on February 8, 2013, Octoplus shares totalling 92.7 per cent were tendered for acceptance, the company in a release.

“This percentage exceeds the acceptance threshold of 92.5 per cent of Octoplus aggregate issued and the outstanding share capital on a fully diluted basis that were included in the offer conditions,’’ the two companies said.

Dr Reddy’s scrip was trading higher by 0.98 per cent at Rs 1,918.70 on the BSE.

(This article was published on February 12, 2013)
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