Date: 2012-10-22
Type of information: Company acquisition
Acquired company: Octoplus (The Netherlands)
Acquiring company: Dr Reddy's (India)
Amount: € 27.39 million
Terms: * On February 12, 2013, Dr Reddy's and OctoPlus have jointly announced that the Offeror declares the Offer unconditional. During the Offer Period, 37,233,244 Shares, representing 70.7% of the Shares and a value of EUR 19,361,286.88, have been tendered for acceptance under the Offer. The 11,575,394 Shares held by the Offeror at 18.00 hours CET on the Closing Date, together with the Shares tendered under the Offer, represent a total of 92.7% of the Shares. This percentage exceeds the acceptance threshold of 92.5% of OctoPlus’ aggregate issued and outstanding share capital on a fully diluted basis that was included in the Offer Conditions as described in the Section 6.7.1 (i) of the Offer Memorandum. As all Offer Conditions have been satisfied, the Offeror hereby declares the Offer unconditional.* On October 22, 2012, Dr. Reddy’s Laboratories has announced the intended public offer to acquire the issued and outstanding shares of OctoPlus, a service based specialty pharmaceutical company, for an offer price of € 27.39 million (cum dividend) in cash, representing 100% of the issued and outstanding ordinary shares. The offer price represents a premium of 30% over the closing price of OctoPlus as of the EoD October 19, 2012. Dr. Reddy’s currently holds an irrevocable commitment from shareholders representing over 50% of OctoPlus’s issued and outstanding shares. Further, the Executive Board and the Supervisory Board of OctoPlus have unanimously recommended the Offer to the remaining shareholders.
This deal will help expand the expertise and scientific capabilities of Dr. Reddy's. G V Prasad, Vice-Chairman and CEO of Dr. Reddy’s said, “As we globalize our R & D efforts, we are looking forward to build a research base in Leiden (Netherlands). The acquisition helps us ramp up our technology capabilities in drug delivery.”
Assuming that the requisite numbers of shares are tendered by the balance share holders, the transaction is likely to be concluded by the end of the current fiscal year.
Details:
Related: services
specialty pharmaceuticals
