Dr Reddy's Laboratories has launched the recommended public offer to acquire all the outstanding shares of OctoPlus NV at 0.52 euro a share, the pharma major said on Friday.
The offer period commences on Dec 14 and ends on Feb 08 next year, unless extended, it said.
Dr Reddy's had in October announced it would acquire Netherlands-based specialty pharmaceutical company OctoPlus for about 27.4 million euro (about Rs 193 crore).
The acquisition would give it the ability to strengthen technological capabilities in the areas of drug delivery, GV Prasad, Dr Reddy's CEO had said after announcing the acquisition.
Shareholders, including certain board members, holding in aggregate 63.5 percent of the issued and outstanding ordinary shares of OctoPlus have entered into irrevocable undertakings to tender their shares under the offer, the Hyderabad-based company said.
The open offer at 0.52 euro a share was a 30 percent premium to OctoPlus' closing price on the Amsterdam Stock Exchange on Oct 19. The stock closed at 0.50 euro on Thursday.
Dr Reddy's shares were at Rs 1,839.05, down 0.7 percent in morning trade on NSE.
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