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Mylan makes open offer at Rs 211 to delist Matrix Lab
By siliconindia
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Bangalore: Global drugmaker Mylan has made an open offer of Rs 211 per share for delisting its Indian subsidiary, Matrix Laboratories. This is a revision of the earlier price of Rs 150 per share. Mylan, which presently holds a 71.2 percent in Matrix through MP Laboratories (Mauritius), will spend a total of Rs 817.63 crore for an additional 24 percent stake. Its founder N Prasad holds 5 percent stake.
However Mylan is not the only MNC revising its offer. While markets were down, many MNC's were hoping to delist or increase shareholding in Indian subsidiaries.
Novartis, another global pharma major has revised its open offer price to Rs 450 per share from the original Rs 351 per share. Other MNCs which have made open offer are drugmakers- Pfizer, Merck and Ciba, UK-based equipment maker Avery India and South Korean confectionery maker Lotte India. Pfizer made an open offer of Rs 675 per share, which was at a premium to its trading price in the first week of April. The shares are presently trading between Rs 780-800.