Buy Of Ranbaxy By Daiichi Sankyo Faces Regulatory Delay
This article was originally published in PharmAsia News
Executive Summary
Japan's Daiichi Sankyo says its plan to acquire India's Ranbaxy Laboratories will be delayed because it still has not received regulatory authority for the offer. The Japanese drug maker had planned to make an open offer for 20 percent of Ranbaxy shares Aug. 8, but said it could not meet that date because Indian regulators had not yet approved the move. The company had set an Aug. 27 deadline for a response to the offer. A new schedule is to be announced after ICICI Securities clears the way, Daiichi said. (Click here for more
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Japan's Daiichi Sankyo says its plan to acquire India's Ranbaxy Laboratories will be delayed because it still has not received regulatory authority for the offer. The Japanese drug maker had planned to make an open offer for 20 percent of Ranbaxy shares Aug. 8, but said it could not meet that date because Indian regulators had not yet approved the move. The company had set an Aug. 27 deadline for a response to the offer. A new schedule is to be announced after ICICI Securities clears the way, Daiichi said. (Click here for more) "Daiichi Open Offer For Ranbaxy Delayed - Manager" - (Reuters) (U.K.) (7/30/08) |