Pfizer to make tender offer to increase stake in Pfizer Limited

Written by: Super Admin
Subscribe to Oneindia News

Mumbai, Apr 13 (ANI/Business Wire India): Pfizer Investments Netherlands B.V., an indirect wholly-owned subsidiary of Pfizer Inc, today announced that it will make a tender offer to acquire a 33.77 per cent stake in Pfizer Limited from public shareholders at a price of Rs. 675.00 per share.

Successful completion of this offer, assuming full acceptance, would raise the indirect stake of Pfizer Inc in Pfizer Limited to 75 per cent from the current level of 41.23 per cent. The offer will represent a total value of up to Rs. 6.8 billion, or approximately USD 136 million.

A public announcement will be issued in India as required by the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 ("SEBI Regulations, 1997").

The offer for these shares, which are traded on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE), is expected to open in June 2009 and is subject to regulatory approvals.

The open offer will be managed by HSBC Securities and Capital Markets (India) Private Limited.

The offer will be made at a premium of 8.6 per cent to the closing share price of Rs. 621.55 of Pfizer Limited on April 9, 2009, on the NSE (equivalent premium of 8.3 per cent to the closing price of Rs. 623.00 on the BSE), which was the last trading day before the announcement of the tender offer.

It will also represent a premium of 22.2 per cent over Pfizer Limited's average share price during the 30 days ending April 9, 2009, on the NSE (equivalent premium of 22.3 per cent over the average share price during the 30 days ending April 9, 2009, on the BSE) and a premium of 45.2 per cent over the requisite price determined in accordance with SEBI Regulations, 1997. (ANI)

Please Wait while comments are loading...