Jubilant Life Sciences has completed tender offer to acquire all outstanding shares of Cadista Holdings Inc, thereby making the US-based firm as its wholly-owned subsidiary.
Jubilant Generics Inc, a subsidiary of the company has successfully completed its previously announced tender offer for all of the outstanding shares of Cadista Holdings Inc, Jubilant Life Sciences said in a statement.
“Accordingly, Cadista Holdings has now become a wholly-owned subsidiary of Jubilant Life Sciences Ltd,” it added.
As of the expiration of the tender offer, a total of 17,018,378 shares were validly tendered and not withdrawn in the offer, representing around 82 per cent of Cadista Holdings’ currently outstanding shares not already owned by Jubilant Generics and its affiliates, it said.
Jubilant Generics has accepted for payment of all validly tendered shares, it added.
“As a result of the merger, all shares of Cadista Holdings held by the remaining minority stockholders of Cadista Holdings have been cancelled and, subject to appraisal rights under Delaware Law, converted into the right to receive a $1.60 per share in cash,” it said.
Jubilant Generics Inc had commenced the open offer to acquire all outstanding shares of the US-based Cadista Holdings Inc in November 2014.
Jubilant shares were trading 1.61 per cent up at Rs 126 apiece during afternoon session on the BSE.