Cipla Ltd. said its board had made a firm offer to the shareholders of Cipla Medpro south Africa Ltd. to acquire 100 percent of the ordinary shares of Medpro at a price of ZAR 10.00 apiece, and to settle all outstanding share options therein.
The offer will be implemented via a scheme of arrangement and is subject to regulatory and other approvals including approval by Medpro shareholders.
The proposed acquisition will be made either directly by Cipla or by a subsidiary nominated by it and will be funded largely through internal accruals and will consider other alternatives, if required.
Based on Medpro's current shares and share options outstanding, the total consideration payable by Cipla or its nominated subsidiary would be around $512 million or ZAR 4.5 billion.
The board of Medpro have recommended to its shareholders to vote in favor of the offer.
At the BSE, Cipla shares are currently trading at Rs.367.95, up 1.02 percent from the previous close.
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