Daiichi Sankyo's Ranbaxy open offer oversubscribed
This article was originally published in Scrip
Executive Summary
The number of fully paid-up shares tendered under Daiichi Sankyo's open offer for 20% of the voting capital of Ranbaxyhas exceeded the maximum number of 92,519,126. The Rs737 ($15.90) per share offer for the Rs5 shares ran from August 16th to September 4th and forms part of Daiichi Sankyo's planned acquisition of the Indian firm which is moving ahead despite US regulatory concerns about the quality of some of Ranbaxy's products. Daiichi Sankyo is acquiring a 34.8% stake from the Indian firm's founding family, also for Rs737 per share. The Japanese company said that offered shares were paid for or returned on September 19th and that its acceptance of these remained subject to certain regulatory approvals.
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