November 6, 2006
The media had reports on November 04, 2006 that the plans of Vivimed Labs Limited to buy a speciality chemicals business has hit a road block.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
The company has vide its letter inter-alia stated "We would like to clarify that with regard to the proposed acquisition of a speciality chemical company, the deal has not yet materialized and negotiation is still going on. If the deal is finalized we shall inform the Stock Exchange. As regards the news item published in the media, we herewith clarify that the target company, has not demanded unreasonable valuations. The deal did not materialize yet because of some technical reasons rather than financial reasons. However, the company is on the look out for suitable companies in the fields of speciality chemicals. Any further developments in this regard will be informed to the Stock Exchange."
Source: National Stock Exchange of India Limited
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