Japanese drug maker Daiichi Sankyo’s open offer that was to open tomorrow to mop up an additional 20 per cent of Zenotech Laboratories, Hyderabad, has hit yet another hurdle.
This time, it is the Securities Appellate Tribunal (SAT) that has admitted appeals and directed that status quo be maintained with the offer.
The next hearing is scheduled on September 4.
Dr Jayaram Chigurupati and Mr Narayanan, shareholders in Zenotech Laboratories, filed appeals before the SAT on August 7 against certain orders passed by SEBI in connection with the offer.
In July, the Madurai bench of the Madras High Court had given a stay on the open offer, following complaints made by minority shareholders. However, Daiichi got relief from the Supreme Court to go ahead with the offer.
Daiichi had in January proposed to acquire 68.86 lakh fully paid-up equity shares of face value of Rs 10 each representing 20 per cent of the emerging voting capital of Zenotech at around Rs 113 a share through open offer.
The offer was challenged by minority shareholders, who alleged that Daiichi was not honouring a commitment to make the offer at Rs 160 a share.
ICICI Securities Ltd, manager to the offer, has on behalf of Daiichi Sankyo Company Ltd notified to the stock exchanges that in view of the above developments, the shareholders of Zenotech are requested to note that the offer will not open on August 11.
Source: The Hindu Businessline