Dr Reddy’s and OctoPlus N.V. have reached a conditional agreement for a public offer by Dr Reddy’s to buy the outstanding shares of the Dutch company at €0.52 (about Rs 35) a share.
OctoPlus N.V. is listed on Euronext.
Together, they have announced the preparations for the offer, including securing approval from the Netherlands authority for the financial markets and shareholders.
In a statement to the BSE, Dr Reddy’s has informed that it intends to submit a draft of the offer memorandum. Once clearances are secured, offer will be made in mid-December 2012. The offer period will run for eight weeks and not go beyond 10 weeks.
The entire process is likely to be concluded in the first quarter of 2013. A meeting of shareholders of OctoPlus will be held for their nod.
Dr. Reddy’s and OctoPlus on October 22 had announced a deal that paves way for acquisition of OctoPlus for €27.39 million (about Rs 190 crore).