New Delhi, Dec. 4 (PTI): Sun Pharma today said it planned to delist its Detroit-based subsidiary Caraco Pharma from the US bourses by acquiring all its shares.
We are writing to propose a going-private transaction by which Sun, Sun Global and one or more of their affiliates would acquire all of the outstanding shares of Caraco, Sun Pharma chairman Dilip Shanghvi said in a letter written to the board of directors of Caraco. Sun holds a 76 per cent stake in Caraco.
The company will acquire the shares of Caraco at a price of $4.75 in cash per share, which is a 5 per cent premium over the most recent closing price of Caracos shares.
Our proposal presents valuable opportunities for our companies to build upon our existing commercial partnership and to realise the significant incremental benefits that will accrue from a full combination of our businesses, it said.
Sun, however did not disclose the total sum that will be involved. The company said its proposal was not subject to any financing condition. However, it is subject to the approval of the Caraco board and such authorities as may be required and subject to the completion of necessary compliances and formalities.
Shanghvi said Caracos board of directors had authorised the independent committee to evaluate the delisting proposal.
We and our team, including our legal advisers, are ready to meet with the independent committee and its advisers any time to discuss this proposal and to answer any question the independent committee or its advisers may have, Shangvi said.