Japanese drug-maker Daiichi-Sankyo, which entered into a binding deal with the Ranbaxy Laboratories promoters to buy the latter's 34.8 per cent stake at Rs 737 a share, on Monday said it may revise the open offer price in the case of a competitive bid.
The statement assumes significance in the wake of reports that US drug major Pfizer may launch a counter offer for the non-promoter stake of Ranbaxy.
The last date for making a competitive bid, if any, has been fixed as July 7, the open offer manager -- ICICI Securities -- said in a public announcement on behalf of Daiichi-Sankyo.
"According to the regulations, the acquirer may revise the price upwards up to seven working days prior to the closure of the offer... If there is competitive bid, the public offer under all the subsisting bids shall close on the same date," it added.
Daiichi on Monday announced its open offer to pick up a further 20 per cent stake in India's largest drug company for up to Rs 6,818.65 crore.
The offer is scheduled to open on August 8 and closes on August 27, ICICI Securities said.
Ranbaxy shares on Monday closed at Rs 567.75, up 0.15 per cent on the Bombay Stock Exchange.
Daiichi-Sankyo offered to acquire up to 921 million shares, representing a 20 per cent stake in Ranbaxy, at a price of Rs 737 each, which represents a premium of over 50 per cent on the average price during the last three months, according to a public announcement made to the shareholders.
On completion of the acquisition, the board of directors of the company will be re-constituted to comprise 10 members, of which four independent and non-independent directors will be nominated by Ranbaxy, while the others will be named by Daiichi-Sankyo.
"Malvinder Mohan Singh will remain the chief executive officer and managing director of Ranbaxy and will also become the chairman of the board," the announcement stated.
Recently, Ranbaxy had announced that the promoters have signed a share purchase deal with Daiichi-Sankyo to sell off their entire stake of 34.8 per cent in the company to the Japanese firm for Rs 9,576.14 crore.
If the offer is completed successfully, the Japanese firm will hold over 58.09 per cent in Ranbaxy, the announcement added.
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