Drug-maker Cipla said that its proposal to takeover Medpro in South Africa has received the approval of the Takeover Regulation Panel. The operative date of the scheme is expected to be mid-July and the shares of Medpro are expected to be delisted from JSE Ltd from July 16, Cipla told the BSE.
Last month, shareholders of Cipla Medpro South Africa have given their thumbs-up to Cipla’s $488 million offer to acquire 100 per cent stake in it.
Over 90 per cent of Cipla Medpro’s supplies are from Cipla. Earlier this year, Cipla had sweetened its offer to Medpro shareholders, offering them South African Rand 10 for every share owned by them.
That offer was 17 per cent higher than its previous offer of South African Rand 8.55 for every share of Cipla Medpro – where the aim was to pick up 51 per cent equity.