The shareholders of Cipla Medpro South Africa, the Cape Town-headquartered company, have approved the takeover offer from Indian pharmaceutical major Cipla.

The consideration for the acquisition is around $488 million based on Wednesday’s exchange rate of 9.28 South African Rand per dollar.

Cipla had offered to buy a 51 per cent stake in Cipla Medpro at 8.55 Rand per share in November 2012.

The Indian company then announced its intention on February 28, 2013 to make a cash offer to acquire 100 per cent shareholding of Cipla Medpro, and its shareholders have approved the takeover offer from Cipla at 10 Rand per share.

In response to a questionnaire, Subhanu Saxena, Global CEO, Cipla, said, “the requisite majority (more than 75 per cent) of shareholders present and voting did so in favour of the transaction.”

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