Plethico Pharmaceuticals has completed its US$80.8 million acquisition of US company Natrol, a leading manufacturer and marketer of nationally branded nutritional products.
Plethico is an Indian company that manufactures pharmaceutical and allied healthcare products and exports internationally. The US law firm Greenberg Traurig acted as M&A counsel to Natrol.
In November 2007, Natrol entered into a merger agreement with Plethico and Nutra Acquisition, an indirect subsidiary of Plethico, providing for Plethico’s two-step acquisition of Natrol. Pursuant to the merger agreement, Nutra Acquisition commenced a cash tender offer to purchase all outstanding shares of Natrol’s common stock at US$4.40 net per share. The deal was completed on 27 December.
Nutra Acquisition successfully acquired a sufficient number of Natrol shares to enable Plethico to effect a “short-form” merger of Nutra Acquisition into Natrol under Delaware law.
As a result of the merger, Natrol has become an indirect subsidiary of Plethico. Natrol’s common stock will no longer be listed and traded on the Nasdaq Global Market and Natrol will no longer be required to file periodic reports and other information with the US Securities and Exchange Commission.