Dr Reddy's acquires 80% shares in OctoPlus

Dr Reddy's Laboratories, which is in the process of acquiring Netherlands-based specialty pharmaceutical company OctoPlus NV for about 27.4 million euros, has so far managed to get nearly 80% shares in its favour.

According to a latest statement issued by DRL, it has acquired 15.9% shares (83,59,858 shares) through open market and 63.5% shares (3,34,48,839 shares) were committed by certain members of the OctoPlus Board and other shareholder though irrevocable undertaking.

The total put together comes to 79.4% shares of Octoplus.

Taking forward the acquisition process, the city-based drug-maker on December 14, 2012 said it made a public officer starting from that day to acquire all shares of the Netherlands-based pharma company.

On October 22, the Indian drug major announced that it has decided to acquire OctoPlus NV, for about 27.4 million euros (about Rs 193 crore).

"The Offer Period commences on December 14, 2012 at 09:00 CET and ends on February 08, 2013 at 18:00 CET, unless extended," a statement from DRL had said.

The transaction is expected to be completed by the end of the current financial year, G V Prasad, vice chairman and chief executive officer, DRL had said earlier.

As per the agreement DRL made an open offer to purchase all outstanding shares of OctoPlus at an offer price of 0.52 euro in cash for each share.

An Extraordinary General Meeting of Shareholders of OctoPlus has been called to be held on January 15 at OctoPlus' headquarters in Leiden.

"At the EGM, the Offer will be discussed in accordance with Section 18, paragraph 1 of the Decree and certain governance related resolutions in connection with the Offer will be proposed to be adopted."

"In addition, the measures that were taken by OctoPlus in respect of the decrease of its equity will be discussed during the EGM in accordance with Section 2:108a of the Dutch Civil Code (Burgerlijk Wetboek, the "DCC")," a statement from Octoplus said.

As independent advisor ABN AMRO Bank NV has issued a fairness opinion to the Boards, stating that the Offer Price is fair to the Shareholders from a financial point of view, according to Octoplus.