Open offer for Ranbaxy opens Aug 8: Daiichi Sankyo

New Delhi, Jun 16 (UNI) Japanese drug maker Daiichi Sankyo today said its open offer to buy up to 20 per cent in Ranbaxy Laboratories will open on August 8.

Daiichi had struck a deal last week worth up to 4.6 billion dollars to take control of Ranbaxy.

Daiichi Sankyo had agreed to acquire 34.8 per cent from Ranbaxy's founding Singh family and then to make an open offer for up to 20 per cent at Rs 737 a share. If the offer is fully accepted, Daiichi's stake will rise to 58.09 per cent.

Daiichi said in a statement it will send offer letters to shareholders whose name appear in the book on June 27.

The open offer to buy up to 92.5 million shares will close on August 27, it added.

The last date for a competitive bid for Ranbaxy is July 7, it said.

As per Indian takeover regulations, a counter bid has to be made within 21 days of the original public announcement.

UNI SR AK BST1953