Merck shares jumped as much as 19 per cent as Procter & Gamble Overseas India B.V. together with The Procter & Gamble Company has made an open offer to acquire up to 4,315,840 fully paid up equity shares of face value of Rs 10 each.
The open offer is made at a price of Rs 1,500.36 per share which is in accordance with Regulation 8(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.
Assuming full acceptance of the open offer, the total consideration payable by the acquirer in accordance with the SEBI (SAST) Regulations will be Rs 647.53 crore.
ICICI Securities Ltd will act as lead manager to the offer pursuant to and in accordance with the Regulation 12(l) of SEBI (SAST) Regulations, 2011 and subsequent amendments thereto ("SEBI (SAST) Regulations").
Procter & Gamble Overseas India B.V. (acquirer) together with The Procter & Gamble Company (person acting in concert) will acquire the shares from the public shareholders.
Procter & Gamble Co has agreed to acquire the consumer health business of German pharmaceuticals company Merck KGaA for about 3.4 billion euros ($4.21 billion) in cash, the companies said on Thursday. P&G said the acquisition will enable it to expand its portfolio of consumer healthcare capabilities and brands. Merck's consumer health unit includes brands such as Femibion, Neurobion, Nasivin and Seven Seas.
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.