Cipla on Thursday sweetened its offer by 17% to take over South Africa?s third-largest drugmaker, Cipla Medpro, ending the uncertainty of an earlier offer that had been put on hold by the Indian company.
Cipla, India?s fifth-largest drugmaker by sales, said it would spend about $512 million, or 10 rand a share, to buy Cipla Medpro and then delist the South African drugmaker.
Cipla in November 2012 offered to buy 51% of Cipla Medpro at 8.55 rand a share. After Cipla?s initial offer, the South African firm won a 1.4-billion rand government drug contract, leading analysts to revalue the African firm higher.
The Medpro board has recommended to its shareholders to vote in favour of the latest offer.
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