Cipla puts $215m SA bid on hold
JOHANNESBURG/MUMBAI – Cipla Ltd had put on hold a $215-million bid for control of South African generic drug firm Cipla Medpro, the company said on Monday.
Cipla Ltd chairperson YK Hamied did not motivate why the drug maker had put on hold its bid for a 51% stake in South Africa's third-largest generic drug seller.
Shares in Cipla Medpro fell 4.47% to R8.98 as of 1102 GMT, still above the R8.55 a share Cipla Ltd offered in November last year.
Cipla Medpro said it had not received any word from the company that the deal had been put on hold.
"We have not received any communication from Cipla Ltd about its withdrawal from the talks," Cipla Medpro acting CEO Johan du Preez told Reuters.
"As far as we are concerned, the talks are ongoing."
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