Dr Reddy's Laboratories' (DRL) wholly owned subsidiary, Reddy Netherlands BV has declared the the offer for acquisition OctoPlus NV as unconditional on account of receiving 70.7 per cent of the shares under tender offer, which together with shares acquired by the company during the offer period represent 92.7 per cent of the shares. The settlement of the offer will take place on February 15, 2013. However, shareholders can still tender their shares during a post closing acceptance period starting on February 13 and ending on February 26, 2013.

With the successful new of acquisition, DRL scrip opened higher by Rs.21 today in mornings session on BSE to Rs.1921. Kempen & Co and IDFC Capital are acting as financial advisors and Linklaters LLP is acting as legal advisor to Dr Reddy's in connection with the Offer.

The company has acquired 37,233,244 shares of OctoPlus, representing 70.7 per cent of the shares valued at Euro 1.94 crore, under the offer. It acquired 22 per cent shares during the offer period. Thus the total represents 92.7 per cent of the aggregate shares. This percentage exceeds the acceptance threshold of 92.5 per cent of OctoPlus' aggregate issued and outstanding share capital on a fully diluted basis that was included in the Offer Conditions. As all offer conditions have been satisfied, DRL declared the offer unconditional.

The acquisition of shares by DRL pursuant to the offer and outside the Offer will, among other things, reduce the number of shareholders and the number of shares that might otherwise be traded publicly and it may affect the liquidity and market value of the remaining shares. DRL may request NYSE Euronext Amsterdam to terminate the listing and trading of the shares.