Forum: Octoplus » Dr. Reddy's holds 98.6% of the shares in OctoPlus

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flosz 28 februari 2013 08:54

Dr. Reddy's holds 98.6% of the shares in OctoPlus after the Post Closing Acceptance Period

This is a joint press release by Reddy Netherlands B.V. (the "Offeror"), a wholly owned subsidiary of Dr. Reddy's Laboratories Ltd. ("Dr. Reddy's"), Dr. Reddy's and OctoPlus N.V. ("OctoPlus" or the "Company") pursuant to Section 17, paragraph 4 of the Dutch Public Takeover Decree (Besluit openbare biedingen Wft, the "Decree") in connection with the recommended public offer (the "Offer") by the Offeror for all the issued and outstanding ordinary shares in the capital of OctoPlus (the "Shares").

This press release does not constitute, or form part of, an offer or any solicitation of an offer, to acquire or subscribe or sell any securities in OctoPlus. The Offer is only made by means of the Offer Memorandum (as defined below). This announcement is not for release, publication, dissemination, or distribution, in whole or in part, in or into Canada and Japan. Capitalised terms not defined in this press release shall have the meaning given thereto in the Offer Memorandum.

Dr. Reddy's holds 98.6% of the shares in OctoPlus after the Post Closing Acceptance Period

Highlights

•5.2% of the Shares have been tendered during the Post Closing Acceptance Period, which together with Shares acquired by the Offeror during the Post Closing Acceptance Period and the Offer Period represent in total 98.6% of the Shares
•As a result of the acquisition of more than 95% of the Shares by the Offeror, the Offeror and OctoPlus will jointly request NYSE Euronext Amsterdam to terminate the listing and trading of the Shares on NYSE Euronext Amsterdam as soon as possible
•The Offeror will, as soon as possible, initiate squeeze-out proceedings (uitkoopprocedure) in accordance with article 2:92a or 2:201a of the DCC or takeover squeeze-out proceedings (uitkoopprocedure) in accordance with article 2:359c of the DCC in order to acquire the remaining Shares not tendered and not held by the Offeror or OctoPlus
Hyderabad/Leiden 28 February 2013 - With reference to the joint press releases of Dr. Reddy's (NYSE: RDY) and OctoPlus (NYSE Euronext Amsterdam: OCTO), issued on 22 October 2012, 13 December 2012 and 12 February 2013 respectively, the Offeror and OctoPlus hereby jointly announce that the Offeror holds 98.6% of the Shares after the Post Closing Acceptance Period

Results Post Closing Acceptance Period

During the Post Closing Acceptance Period, which ended at 18.00 hours CET on 26 February 2013, 2,746,658 Shares, representing 5.2% of the Shares and a value of EUR 1,428,262.16, have been tendered for acceptance under the Offer.[1]

As a result the Offeror's shareholding is composed as follows:

Number of Shares Percentage of Shares
Shares tendered under the Post Closing Acceptance Period 2,746,658 5.2%
Shares acquired during the Post Closing Acceptance Period 387,750 0.7%
Shares tendered and acquired by the Offeror during the Offer Period 48,808,638 92.7%
Total Shares tendered and acquired 51,943,046 98.6%

The 48,808,638 Shares held by the Offeror at the end of the Offer Period, together with the Shares tendered under the Post Closing Acceptance Period and the Shares acquired during under the Post Closing Acceptance Period, represent a total of 98.6% of the Shares.

[1] The Company does not hold any Shares in treasury.

Settlement

The Shareholders who have validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and transferred (geleverd) their Shares for acceptance to the Offeror during the Post Closing Acceptance Period will receive the Offer Price in respect of each Tendered Share on Monday March 4th 2013.

Consequences of the Offer

The acquisition of Shares by the Offeror pursuant to the Offer and outside the Offer will, among other things, reduce the number of Shareholders and the number of Shares that might otherwise be traded publicly, and (i) will thus adversely affect the liquidity and (ii) may affect the market value of the remaining Shares.

As a result of the acquisition of more than 95% of the Shares by the Offeror, the Offeror and OctoPlus will jointly request NYSE Euronext Amsterdam to terminate the listing and trading of the Shares on NYSE Euronext Amsterdam as soon as possible

As long as the Shares remain listed on Euronext Amsterdam, OctoPlus shall continue to comply with the Dutch Corporate Governance Code except for (i) current deviations from the code and (ii) deviations from the code that find their basis in the Merger Protocol, in accordance with the "explain" requirement in respect of such deviations.

In the event that OctoPlus or any merging entity will no longer be listed and its Shares will no longer be publicly traded, the provisions applicable to the governance of listed companies will no longer apply and the rights of remaining minority Shareholders may be limited to the statutory minimum.

Squeeze-out proceedings

The Offeror intends to acquire all the remaining Shares. In order to achieve this, the Offeror will, as soon as possible, initiate a takeover squeeze-out procedure in accordance with article 2:359c of the Dutch Civil Code or a statutory squeeze-out procedure in accordance with article 2:92a or 2:201a of the Dutch Civil Code. In addition, the Offeror may pursue one or more of the measures referred to in Section 6.11.3 of the Offer Memorandum.

Offer Memorandum, Position Statement and further information

Shareholders are advised to review the Offer Memorandum and the Position Statement in detail and to seek independent advice, where appropriate, in order to reach a reasoned judgement in respect of the content of the Offer Memorandum, the Position Statement and the Offer itself.

Digital copies of the Offer Memorandum are available on the website of OctoPlus (www.octoplus.nl) and Dr. Reddy's (www.drreddys.com). Copies of the Offer Memorandum are also available free of charge at the offices of OctoPlus and the Exchange Agent at the addresses mentioned below. The Dr. Reddy's and OctoPlus websites do not constitute a part of, and are not incorporated by reference into, the Offer Memorandum.

Digital copies of the Position Statement and the other documents with respect to the EGM, including the agenda and explanatory notes thereto and the voting results, are available on the website of OctoPlus (www.octoplus.nl). Copies of the Position Statement are also available free of charge at the offices of OctoPlus at the address mentioned below.

OctoPlus N.V.
Zernikedreef 12
2333 CL Leiden
The Netherlands

Exchange Agent
Kempen & Co N.V.
Attn. Kempen Agency Services L3
Beethovenstraat 300
1077 WZ Amsterdam
The Netherlands

Telefax: +31 (0)20 348 9549
E-mail: kas@kempen.nl

Advisors

Kempen & Co and IDFC Capital are acting as financial advisors and Linklaters LLP is acting as legal advisor to Dr. Reddy's in connection with the Offer.

Loyens & Loeff N.V. is acting as legal advisor to OctoPlus and ABN AMRO Bank N.V. has provided the fairness opinion to OctoPlus.

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Dr. Reddy's holds 98.6% of the shares in OctoPlus

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