Siemens Healthcare shareholders, creditors to approve merger with Siemens
11 January 2010
Siemens Healthcare Diagnostics Ltd will hold separate meetings of the company's equity shareholders and unsecured creditors on 28 January to consider and approve the scheme of amalgamation of the company with its parent company, Siemens Ltd.
"The meetings will, inter alia, consider approving, with or without modifications, the proposed arrangement embodied in the scheme of amalgamation of Siemens Healthcare Diagnostics Ltd with Siemens Ltd and their respective shareholders," the company said in a filing with the Bombay Stock Exchange (BSE).
Siemens Healthcare Diagnostics Ltd said the meeting has been convened in pursuance of an order of the Ahmedabad high court on 14 December 2009, in the company's application.
The board of directors of Siemens Ltd, had, at its meeting on 30 November 2009, announced the proposal to merge Siemens Healthcare Diagnostics Ltd with the company, with effect from 1 October 2009 (See: Siemens to acquire diagnostics arm).
The share swap ratio for the merger has been fixed at two equity shares of the face value of Rs2 each (fully paid-up of Siemens Ltd) for every one equity share of the face value of Rs10 each (fully paid-up of Siemens Healthcare Diagnostics Limited).
The share exchange ratio has been jointly determined by independent valuers - Deloitte Touche Tohmatsu India Private Limited and ICICI Securities Limited.