Shareholders Approve Merger Of Parke-Davis

Mumbai, Aug 25: | Updated: Aug 26 2002, 05:30am hrs
The shareholders of Parke-Davis India Ltd have approved the merger scheme of the company with Pfizer Ltd with 53 persons voting in favour, and 46 persons voting against it. A total of 114 persons voted on the scheme wherein votes of 15 persons were invalid.

The ballot boxes were opened in the presence of a shareholder and officials of PricewaterhouseCoopers. The court convened meeting was held on Wednesday, August 21, 2002 in Mumbai. The number of votes cast for the scheme were 99.94 per cent. The outcome of the poll was critical since a section of minority shareholders of Parke-Davis had expressed their dissatisfaction at the valuation and swap ratio suggested for the merger.

According to the already approved swap ratio, the shareholders of Parke Davis were to receive four shares in Pfizer Ltd for every nine shares held by them in Parke Davis.