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Cipla expects to finish takeover of South Africa’s Medpro by mid-July

Cipla expects to finish takeover of South Africa’s Medpro by mid-July
Drug maker Cipla on Friday said that it expects completion of the $512 million takeover of Cipla Medpro by middle of July and subsequent delisting of the South African firm from Johannesburg Stock Exchange (JSE) following approval by the country's Takeover Regulation Panel.
The company had received approval from the Takeover Regulation Panel of South Africa on 27 June, 2013 and that all conditions precedent to the scheme have now been fulfilled or waived, and accordingly, on 27 June, 2013, the scheme has become unconditional, Cipla said in a filing to Bombay Stock Exchange (BSE).

'The operative date of the scheme is expected to be 15 July, 2013 and the shares of Medpro are expected to be delisted from the JSE Ltd with effect from 16 July, 2013,' it said.

Last month, Cipla Medpro shareholders had approved the Indian company's takeover offer. Earlier this year, Cipla had offered to pay 10 rand per share to acquire 100 per cent of Cipla Medpro for a consideration of around $512 million.

Cipla supplies majority of Cipla Medpro's drugs through a long-standing agreement but has never owned a stake in it. The acquisition of South African firm would help Cipla further strengthen its position in the African continent.
Agencies

Agencies

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