Local pharmaceutical giant, Dannex, has initiated moves to acquire Ayrton Drugs.<\/p>\n
[contextly_sidebar id=”NClxxjGTmHqDQpUvIWcVIAzEZ6Qx6Qek”]Dannex plans to acquire 53.47 percent stake of the drug manufacturing firm, the move is however subject to regulatory approval.<\/p>\n
\u201cThe sale of shares agreement is subject to a number of conditions precedent, including, inter alia, an exemption from undertaking a Mandatory Takeover Offer under the Securities and Exchange Commission (SEC) Code on Takeovers and Mergers. The mode of payment for the shares will be cash,\u201d Dannex said in a statement dated 26th<\/sup> August, 2016.<\/p>\n Ayrton which is currently listed on the Ghana Stock Exchange will still be on the bourse after the acquisition is completed.<\/p>\n \u201cDannex intends to maintain Ayrton on the Ghana Stock Exchange as a listed company.\u201d<\/p>\n The statement added, \u201cUpon the completion of the transaction, Dannex will become the majority shareholder with 53.47%. Dannex has at the date of this announcement, made an application to the SEC for an exemption from undertaking a Mandatory Takeover Offer.\u00a0 In the event that a waiver is not granted, Dannex would, prior to the approval of the SEC, make a mandatory offer to other shareholders of Ayrton to purchase their shares pursuant to the Code on Takeovers & Mergers.\u201d<\/p>\n This is the second major acquisition Dannex will be embarking on.<\/p>\n The company last year acquired another local pharmaceutical company, Starwin as part of its medium to long term plans of becoming one of Africa\u2019s biggest pharmaceutical companies.<\/p>\n Dannex, was established in 1964 expressly for the purpose of manufacturing and distribution of pharmaceutical products.<\/p>\n Apart from Ghana, Dannex has sales experience in other West African countries and competency in the production of tablets, capsules, liquids (syrups and suspensions), ointments and other Over-The-Counter (OTC) medicines for a variety of diseases and conditions.<\/p>\n Adcock Ingram International (PTY) Limited (\u201cAdcock\u201d) is a shareholder of Ayrton Drug Manufacturing Limited (\u201cAyrton\u201d) with 78.57% voting shares.<\/p>\n While Dannex has Equatorial Cross Acquisitions, Yaw Opare-Asamoah and Social Security and National Insurance Trust (SSNIT) as some of its major shareholders.<\/p>\n Yaw Opare-Asamoah currently runs Dannex.<\/p>\n UMB Stockbrokers Limited is to act as transaction advisors to Dannex for the deal while Kimathy& Partners will act as legal advisors.<\/p>\n –<\/p>\n By: Vivian Kai Lokko\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" Local pharmaceutical giant, Dannex, has initiated moves to acquire Ayrton Drugs. [contextly_sidebar id=”NClxxjGTmHqDQpUvIWcVIAzEZ6Qx6Qek”]Dannex plans to acquire 53.47 percent stake of the drug manufacturing firm, the move is however subject to regulatory approval. \u201cThe sale of shares agreement is subject to a number of conditions precedent, including, inter alia, an exemption from undertaking a Mandatory Takeover […]<\/p>\n","protected":false},"author":14,"featured_media":243135,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[],"yoast_head":"\n