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Indices down 0.5% as rupee breaches 56 markMay 23 2012 16:25
Strides Arcolab to buy balance 43% in Ascent Pharma for $100 mln
MUMBAI (makemystocks): Strides Arcolab Ltd will buy the balance 43% stake in Ascent Pharmahealth for $100 million, Ascent said in a media release today.
Ascent shareholders will receive $0.40 in cash per share, which is at 51% premium on the closing share price on Tuesday.
Bangalore-based Strides holds controlling stake of around 57% in the Australian Stock Exchange-listed Ascent Pharmahealth.
The acquisition is subject to approval by court and also by shareholders of Ascent, which is expected by April, the release said.
In 2010 (Jan-Dec), Ascent Pharma expects to achieve EBITDA of $17.5-18.0 million compared with $14 million a year ago. It sees net profit for the year at $11.5-12 million compared with $9.20 million a year ago, the release said.
In May 2008, Strides Arcolab picked up 50.1% stake in Ascent Pharmahealth, erstwhile Genepharm Australasia Ltd, and subsequently raised holding to 57%.
Ascent shareholders will receive $0.40 in cash per share, which is at 51% premium on the closing share price on Tuesday.
Bangalore-based Strides holds controlling stake of around 57% in the Australian Stock Exchange-listed Ascent Pharmahealth.
The acquisition is subject to approval by court and also by shareholders of Ascent, which is expected by April, the release said.
In 2010 (Jan-Dec), Ascent Pharma expects to achieve EBITDA of $17.5-18.0 million compared with $14 million a year ago. It sees net profit for the year at $11.5-12 million compared with $9.20 million a year ago, the release said.
In May 2008, Strides Arcolab picked up 50.1% stake in Ascent Pharmahealth, erstwhile Genepharm Australasia Ltd, and subsequently raised holding to 57%.
