Minority shareholders of Hyderabad-based Zenotech Laboratories, a biotech company in which Ranbaxy owns 46.8 per cent, are up in arms against Ranbaxy's new owner Daiichi Sankyo for allegedly failing to buy additional shares at the price offered by the former promoters of Ranbaxy.
In October 2007, Ranbaxy Laboratories picked up a 38 per cent additional stake in the company, taking its shareholding in the Hyderabad-based firm to 45 per cent. However, Ranbaxy had made it clear that it is not interested in taking over the company.
A bench comprising Justice Aftab Alam and Justice R M Lodha set the open offer price for Zenotech Labs at Rs 113.62 per share, as against Rs 160 per share fixed by the SAT for Daiichi-Sankyo to acquire an additional 20 per cent stake in the company.
Earlier in February, Daiichi Sankyo had announced it would launch an open offer for Zenotech to acquire 68.85 lakh shares or a 20 per cent stake. Daiichi had said it would pay up to Rs 78.23 crore (Rs 782.3 million), at Rs 113.62 a share, to Zenotech shareholders for the stake in the open offer, which was scheduled to begin on July 15 and close on August 3.
Sun Pharma has evinced its interest in buying Hyderabad-based biotech company Zenotech Laboratories, through an open offer to buy 28.1 per cent worth Rs 18.41 crore ($3 million).
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