India's Matrix Laboratories buys 95.51 percent of Belgian Generic Drug Distributor

05 October, 2005

India's Matrix Laboratories has acquired 95.51 percent of Belgian generic drugs distributor Docpharma through an agreed takeover bid and now plans to acquire the remaining shares via a squeeze-out.

Docpharma and Matrix said in a statement that the squeeze-out bid will run from Oct. 12, 2005 until Nov. 2, 2005. Matrix will offer 34 euros per share, valuing the entire company at about 220 million euros ($262 million). Shares in Docpharma were suspended on Tuesday pending the statement. On Monday the shares closed at 33.50 euros each.

The Indian drug maker had earlier already purchased around 22 percent of Docpharma from previous owners and company founders, the Van Rompay family, also paying 34 euros per share.

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