Sun said, in a SEC filing, it has extended the tender offer closing date from Jan 9 to Jan 30. It also said that it has informed the Supreme Court that its negotiations to reach a settlement have been unsuccessful. It is now awaiting the court’s decision in the matter. The dispute concerns the price at which Sun will acquire Taro’s shares from promoters and minority shareholders. Initially, Sun had offered $7.75 a share, which it then hiked to $9.50 a share, but Taro responded first with an offer to conduct a shareholder referendum to decide the price. Continue Reading →
Companies International
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What made the US FDA issue a warning letter to Sun Pharma’s subsidiary Caraco?
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The US FDA had issued a warning letter to Sun Pharma’s subsidiary Caraco Pharmaceutical Laboratories on Oct 31, 2008. The letter is now available on the FDA site detailing the reasons why the warning was issued. It points out deviations from current Good Manufacturing Practice (CGMP) regulations for medicines. These deviations were detected in an inspection between May 1 to June 11 2008, and are mainly due to issues related to quality control. Continue Reading →
Filed under: Companies, Top News, Caraco, Companies Disclosures, Companies International, FDA, Pharmaceutical, Sun Pharma
Crisil sells subsidiary in a MBO deal
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Crisil, the credit rating agency, has sold a majority stake in Gas Strategies Group, in a management buyout transaction. Crisil had paid 1.5mn pounds to acquire a 100% stake in the Gas Strategies Group (then known as EconoMatters) in December 2003. As of December 2007, it held 400,000 shares of Gas Strategies Group with a book value of Rs 16.2 crore.
Filed under: Companies, Top News, Companies International, Crisil
JSW Steel and Severfield Structures form JV for steel structurals
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JSW Steel, India’s third largest steel-maker, will make steel structurals in a joint venture with Severfield Structures. JSW Severfield Structures will be a 50:50 JV, with JSW’s investment being routed through a subsidiary, JSW Building Systems. The JV will spend ₤30mn pounds or Rs 220 crore to set up a plant that will fabricate 35,000 tonnes of structural steel.
Filed under: Companies, Infrastructure & Construction, Metals & Mining, Top News, Companies International, JSW, Severfield
HP-EDS deal: are Mphasis shareholders jumping the gun?
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Update on May 22: EDS has sent a clarificatory letter to the stock exchanges stating that it is not required to make an open offer, under Sebi’s existing regulations. That will disappoint retail shareholders who were hoping for a windfall, though instutional shareholders would have realised that an open offer was not on the cards. Read the text of the letter here.
Filed under: Companies, Top News, Companies International, EDS, HP, M&A, Mphasis, Open Offer
Is Bolix a good buy for Berger Paints?
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Berger Paints will add about Rs 180 crore or about 13% to its existing turnover after the acquisition of Polish company Bolix. Berger bought out the company on April 28, 2008 giving an exit to private equity company, Advent International.
Bolix is in the exterior building materials business; it makes external insulation finishing systems (EIFS). It was acquired by Advent in 2003 when it had a turnover of $26mn, which has grown at a CAGR of 15% to $45.5mn in 2007. That is a smart growth rate, indicative of the demand for this business.
Filed under: Companies, Paints, Top News, Berger, Bolix, Companies International, M&A
Tata Group’s Indian Hotels makes hostile bid for Orient-Express Hotels
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Hostile takeover bids are rare in India but its entrepreneurs are not loath to fight a pitched battle in international markets. The Tata group’s acquisition of a 10% stake in Orient-Express Hotels through Indian Hotels seems to be more than just an investment.