Comments
Dr Reddy’s and OctoPlus N.V. have reached a conditional agreement for a public offer by Dr Reddy’s to buy the outstanding shares of the Dutch company at €0.52 (about Rs 35) a share.
OctoPlus N.V. is listed on Euronext.
Together, they have announced the preparations for the offer, including securing approval from the Netherlands authority for the financial markets and shareholders.
In a statement to the BSE, Dr Reddy’s has informed that it intends to submit a draft of the offer memorandum. Once clearances are secured, offer will be made in mid-December 2012. The offer period will run for eight weeks and not go beyond 10 weeks.
The entire process is likely to be concluded in the first quarter of 2013. A meeting of shareholders of OctoPlus will be held for their nod.
Dr. Reddy’s and OctoPlus on October 22 had announced a deal that paves way for acquisition of OctoPlus for €27.39 million (about Rs 190 crore).
rishikumar.vundi@thehindu.co.in
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.