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Daiichi Sankyo Bid For Zenotech Of India Delayed By Agency

This article was originally published in PharmAsia News

Executive Summary

Daiichi Sankyo's offer to buy 20 percent of India's Zenotech Laboratories encountered a roadblock in the Indian Securities Appellate Tribunal just days before the share offer was to open. The tribunal, which moderates corporate disputes, delayed the sale after Zenotech's original owner and minority stockholders demanded a higher opening offer than Daiichi Sankyo planned to make. They contend Daiichi Sankyo and its Ranbaxy Laboratories had agreed earlier to pay the higher price per share, but the Japanese company denied making such a commitment. (Click here for more
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