Mylans offer for 20% in Matrix starts Oct 20

Aug 29 | Updated: Aug 30 2006, 05:30am hrs
Mylan Laboratories Inc, the second-largest US maker of generic drugs by market value, will start its offer to buy an additional 20% of Indias Matrix Laboratories Ltd from shareholders on October 20.

The US company, which seeks to buy as many as 30.83 million shares of the maker of drug ingredients at Rs 306 ($6.57) apiece, will close the offer on November 8, DSP Merrill Lynch Ltd, the offer manager, said on Tuesday in a statement to the Bombay Stock Exchange.

Mylan plans to buy as much as 71.5% of Secunderabad, India-based Matrix for as much as $736 million, the two companies said on Monday in a statement.