Dr. Reddy's Laboratories, Inc. (RDY)'s Acquires 80% Shares in OctoPlus
1/7/2013 8:13:26 AM
Dr Reddy's Laboratories, which is in the process of acquiring Netherlands-based specialty pharmaceutical company OctoPlus NV for about 27.4 million euros, has so far managed to get nearly 80 per cent shares in its favour. According to a latest statement issued by DRL, it has acquired 15.9 per cent shares (83,59,858 shares) through open market and 63.5 per cent shares (3,34,48,839 shares) were committed by certain members of the OctoPlus Board and other shareholder though irrevocable undertaking. The total put together comes to 79.4 per cent shares of Octoplus. Taking forward the acquisition process, the city-based drug-maker on December 14, 2012 said it made a public officer starting from that day to acquire all shares of the Netherlands-based pharma company. On October 22, the Indian drug major announced that it has decided to acquire OctoPlus NV, for about 27.4 million euros (about Rs 193 crore). "The Offer Period commences on December 14, 2012 at 09:00 CET and ends on February 08, 2013 at 18:00 CET, unless extended," a statement from DRL had said.