Aspen Lowers Offer For Sigma To $552M

Law360, New York (July 7, 2010, 4:41 PM EDT) -- South African drugmaker Aspen Pharmacare Holdings Ltd. has slashed its bid to acquire Sigma Pharmaceuticals Ltd. by 8 percent to AU$648 million ($552 million) and placed restrictions on the proposed deal with the Australian generic drug giant.

Sigma said Wednesday it had received a formal proposal from Aspen that cut the initial indicative offer from 60 cents a share to 55 cents a share and required Sigma to meet more than 10 conditions if talks were to continue.

Aspen lowered its bid from AU$707 million to...
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