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| Pfizer ups offer for stake in Indian arm |
| BS Reporter / Mumbai Jun 26, 2009, 00:29 IST |
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Leading drug maker Pfizer has increased its tender offer price to Rs 830 per share, an increase of 23 per cent over the original offer price of Rs 675 per share, to acquire 33.7 per cent stake in its Indian subsidiary, Pfizer Ltd.
The offer from Pfizer Investments Netherlands BV, an indirect wholly-owned subsidiary of world’s largest drug maker Pfizer, is to acquire 10,078,143 shares in Pfizer Ltd from public shareholders.
Pfizer owns 41.23 per cent in the Indian subsidiary and the tender offer is to increase the holding to 75 per cent.
The revised offer is being made at a premium of 33.5 per cent to the closing share price of Rs 621.55 of Pfizer on April 9 on the National Stock Exchange (NSE), said a press release.
“This proposal represents the company’s only and final price revision to this offer, as June 25 is the last day on which the offer price can be revised as per the SEBI Regulations, 1997,” said the release.
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