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Cipla Ltd Announces Firm Offer To Cipla Medpro South Africa Ltd To Acquire 100% Equity Stake

Wednesday, 27 Feb 2013 10:36pm EST 

Cipla Ltd announced that its Board of Directors at its meeting held February 27, 2013,have decided to make and have made a firm offer to the Board of Directors of Cipla Medpro South Africa Ltd to acquire (either through itself or through its nominated subsidiary) 100% of the ordinary shares of Medpro at a price of ZAR 10.00 per share, and to settle all outstanding share options therein. Based on Medpro‚Äôs current shares and share options outstanding, the total consideration payable by Cipla or its nominated subsidiary would be approximately $512 million. The Board of Directors of Medpro have recommended to its shareholders to vote in favour of the offer. Also, the independent expert appointed by the Independent board of Medpro is of the opinion the offer is fair and reasonable to the Medpro shareholders. 

Company Quote

6.1 +0.99%
5:21am EST