Ranbaxy's takeover by Daiichi Sankyo approved; ban on products lifted
Shares of Ranbaxy Laboratories rose 6.3% to 267.50 rupees on October 3 after Indian authorities had approved a bid made by Japan's Daiichi Sankyo to buy the 34.8% stake owned by the firm's founding Singh family along with a further 20% of the company to take majority control for a fixed price of 737 rupees per share (Marketletter June 16). The offer remains an over 50% premium on Ranbaxy's current price, yet Daiichi has said its bid is fixed. Ranbaxy's stock was driven even higher to 279.15 rupees on October 8 on the news that the US Department of Justice had lifted its ban on imports of some of the firm's products (Marketletter September 22), as necessary audit documents had been produced.
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