Cipla

Cipla plans to pay $512 million for Cipla Medpro

Indian drug-maker Cipla plans to buy the whole of South Africa's Cipla Medpro, and raises its November offer price.
<div style="text-align: left;">
Cipla's Kurkumbh plant
</div>
<div style="text-align: left;"> Cipla's Kurkumbh plant </div>

Cipla, a leading Indian drugs company, has made a renewed bid to buy one of its customers, South Africa’s Cipla Medpro, in a deal worth R4.5 billion $512 million. Medpro’s board of directors intends to recommend Cipra’s offer, which will be through a scheme of arrangement rather than a tender.

A shareholder meeting will be convened within the next three months, according to a person familiar with proposal, where a minimum 75% vote will be needed to support Cipla’s offer of R10 a share.

The price is 17% higher than the one made by Cipla late last year. In November 2012, it offered to buy 51%...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222