The Hindu Business Line : MP Labs accepts exit price for Matrix shares

Hyderabad, June 1 MP Laboratories (Mauritius) has issued a public notice to the shareholders of Matrix Laboratories that it has accepted the price of Rs 211 an offer share (‘exit price’) established by the reverse book building process.

The exit price is the price at which the maximum number of offer shares have been tendered.

MP Laboratories is an indirect, wholly owned subsidiary of Mylan Inc., US, which acquired majority stake in Hyderabad-based, Matrix Laboratories at a share price of Rs 306, a couple of years ago.

Accordingly, MP Laboratories, which is acquiring stake in Matrix shall accept all the bids at or below the exit price and the public shareholders who have tendered their offer shares at or below the exit price will be paid the consideration at Rs 211 an offer share.

The final settlement date for the offer shares held in dematerialised form is June 3, 2009, according to a notice by the company.

In another related development Matrix has announced the completion of the divestment of the entire stake of Aspen in Astrix to MP Labs and Mylan Luxembourg and the divestment of Matrix BVs stake in FCC to Aspen.

Matrix Laboratories and Aspen Pharmacare Holdings Ltd South Africa had executed definite agreements according to which, Aspen would divest its entire stake in Astrix Laboratories, an India-based 50:50 joint venture between Matrix and Aspen to Matrix.

Further, Matrix’s wholly owned Dutch subsidiary Matrix Laboratories BV would divest its stake in Fine Chemicals Corporation (FCC), a South Africa based 50:50 joint venture between Matrix and Aspen, a release from Matrix Labs said.

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