Zenotech asks Daiichi to revise open offer price

Zenotech Laboratories,a Hyderabad-based biotech company in which Ranbaxy had acquired a 46 per cent stake last year,has come out against Daiichi Sankyo,which acquired a 63.9 per cent stake in Ranbaxy last year....

Mumbai | Published:January 20, 2009 12:55 am

Zenotech Laboratories,a Hyderabad-based biotech company in which Ranbaxy had acquired a 46 per cent stake last year,has come out against Daiichi Sankyo,which acquired a 63.9 per cent stake in Ranbaxy last year.

The Japanese company,which is planning an open offer to buy an additional 20 per cent in Zenotech,has reduced the open offer price by 29 per cent to Rs 113.62 per share from the previously announced Rs 160.

Zenotech on Monday asked the board of Daiichi Sankyo to honor the commitments made by its management team and revise the open offer price to Rs 160 for its shareholders. “Daiichi’s board should know that the agreement to offer Rs 160 was reached way back in July 2008,” Zenotech said.

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