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Aventispharm.Pdf LETTER OF OFFER THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. This Letter of Offer is sent to you as a shareholder of Aventis Pharma Limited. If you require any clarifications about the action to be taken, you should consult your stock-broker or investment consultant or the Manager/ Registrar to the Offer. In case you have sold your shares, please hand over this Letter of Offer, the accompanying Form of Acceptance cum Acknowledgement, Form of Withdrawal and Transfer Deed to the member of the Stock Exchange through whom the said sale was effected. CASH OFFER AT Rs. 792.20 /- (Rupees Seven hundred and ninety two and paise twenty only) PER FULLY PAID-UP EQUITY SHARE OF Rs. 10 (RUPEES TEN ONLY) [Pursuant to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto] TO ACQUIRE Up to 4,606,125 fully Paid-up Equity Shares of face value Rs. 10/- each, representing 20% of the voting share capital (“Offer”) OF Aventis Pharma Limited (“APLI”/”Target Company”) having its registered office at: Aventis House, 54/A, Sir Mathuradas Vasanji Road, Andheri (East), Mumbai - 400 093, India Tel: +91 22 2827 8000, Fax: +91 22 2836 0862 BY Sanofi-Aventis (formerly Sanofi-Synthelabo) (“Sanofi” / “Acquirer”) having its registered office at: 174 avenue de France, 75013 Paris, France Tel: + 33 1 53 77 44 00, Fax: + 33 1 53 77 4133 Along with Hoechst GmbH (“HG” / “PAC”) (formerly Hoechst AG) (as a Person deemed to be acting in concert) having its registered office at: 65926 Frankfurt am Main, Germany Tel : +49 69 305-26878, Fax: +49 69 305-83490 MANAGER TO THE OFFER REGISTRAR TO THE OFFER KARVY Karvy Computershare Private Limited DSP Merrill Lynch Limited Karvy Computershare Private Limited 10th Floor, Mafatlal Center, Nariman Point 46, Avenue 4, Street No 1, Banjara Hills Mumbai 400 021 Hyderabad 500 034 Tel: +91 22 6632 8000 Fax: +91 22 2204 8518 Tel: +91 40 2331 2454 Fax: +91 40 2331 1968 Email: [email protected] Email: [email protected] Contact Person: Mr. Narahari H.S. Contact Person: Mr. Murali Krishna OFFER OPENS ON: JUNE 30, 2006 OFFER CLOSES ON: JULY 19, 2006 1 ATTENTION: a) The Offer is subject to the receipt of approval from the Reserve Bank of India (“RBI”), under the Foreign Exchange Management Act, 1999 (“FEMA”). The Acquirers have already obtained the approval of the Foreign Investment Promotion Board, Ministry of Finance, Government of India (the “FIPB”) to acquire the shares tendered pursuant to this Offer. b) Besides this, as on the date of this Letter of Offer, no other statutory approval was required to acquire the shares tendered pursuant to this Offer. The Acquirer will not proceed with the Offer in the event that the statutory approval indicated above is refused in terms of Regulation 27 of SEBI (SAST) Regulations and you will be informed by way of another public announcement in the same newspapers where the first Public Announcement (“PA”) of this Offer had appeared. c) In case of delay in the receipt of any statutory approval(s), SEBI has the power to grant extension of time to the Acquirer for payment of consideration to shareholders who have validly tendered their Shares, subject to the Acquirer agreeing to pay interest for the delayed period as directed by SEBI in terms of Regulation 22(12) of the SEBI (SAST) Regulations. Further, if the delay occurs on account of wilful default by the Acquirer in obtaining the requisite approvals, Regulation 22(13) of the SEBI (SAST) Regulations will also become applicable. d) If there is any upward revision in the Offer Price by the Acquirer prior to or on the last date for revising the offer price viz. July 10, 2006, you would be informed by way of another public announcement in the same newspapers where the first PA had appeared. The Acquirer would pay such revised price for all the shares validly tendered any time during the Offer and accepted under the Offer. e) Shareholders who have accepted the Offer by tendering the requisite documents, in terms of this Letter of Offer shall have the option to withdraw their acceptance upto July 14, 2006 i.e. 3 (three) working days prior to the date of closure of the Offer viz. July 19, 2006. f) The last date for a competitive bid was September 01, 2004, and there has been no competitive bid. g) As the Offer Price cannot be revised during the 7 working days prior to the closing date/bids, it would, therefore, be in the interest of the shareholders to wait till the commencement of that period to know the final offer price of each bid and tender their acceptance accordingly. h) Form of acceptance cum acknowledgement and form of withdrawal are enclosed with this Letter of Offer. i) The Public Announcement, Revised Public Announcement and this Letter of Offer, Form of Acceptance cum Acknowledgement and Form of Withdrawal would also be available on SEBI’s website (www.sebi.gov.in) from the Offer opening date viz. June 30, 2006. SCHEDULE OF THE MAJOR ACTIVITIES OF THE OFFER: Activity Original Schedule Revised Schedule Public Announcement Date Wednesday, Wednesday, August 11, 2004 August 11, 2004 Last date for a competitive bid Wednesday, Wednesday, September 01, 2004 September 01, 2004 Revised Public Announcement - Wednesday, June 21, 2006 Specified Date (for the purpose of determining the names Thursday, Wednesday, of shareholders to whom the Letter of Offer will be posted) September 09, 2004 June 21, 2006 Date by which Letter of Offer will be dispatched to shareholders Friday, Monday, September 24, 2004 June 26, 2006 Date of opening of the Offer Thursday, Friday, October 07, 2004 June 30, 2006 Last date for revising the Offer Price Wednesday, Monday, October 27, 2004 July 10, 2006 Last date for withdrawing acceptance from the Offer Tuesday, Friday, November 02, 2004 July 14, 2006 Date of closure of the Offer Friday, Wednesday, November 05, 2004 July 19, 2006 Date of communicating rejection/ acceptance and payment of Saturday, Thursday, consideration for accepted Shares/despatch of the share December 04, 2004 August 03, 2006 certificate in case of rejection 2 Risk Factors Given below are the risks related to the transaction, the proposed Offer and getting associated with the Acquirer : a) The acquisition of the shares tendered in the Offer is subject to the approval of the RBI under the FEMA. In the event that the RBI refuses its approval, the Offer would stand withdrawn in accordance with the SEBI (SAST) Regulations. b) In the event of either the regulatory approval not being received in a timely manner or litigation leading to stay on the Offer, or SEBI instructing that the Offer should not proceed, the Offer process may be delayed beyond the Schedule of the Major Activities indicated in this Letter of Offer. c) The Acquirer makes no assurance with respect to the market price of the shares during/ after the Offer. d) The Acquirer is making this Offer as per Regulation 10 and 12 of SEBI (SAST) Regulations as the Acquirer has acquired indirect control of APLI. There is no assurance with respect to the continuation of the past trend in the financial performance of APLI. e) The tendered shares will lie to the credit of a designated escrow account until the completion of the Offer formalities. During such period there may be fluctuation in the market price of the shares of APLI. f) In the event of oversubscription in the Offer, the acceptance will be on a proportionate basis and will be contingent on the level of oversubscription. g) The market price per equity share of APLI as on June 20, 2006 is Rs. 1,503.15 and Rs. 1,500.00 on NSE and BSE respectively against the open offer price of Rs 792.20 per equity share. The risk factors set forth above pertain to the Offer and do not relate to the present or future business or operations of APLI or any other related matters, and are neither exhaustive nor intended to constitute a complete analysis of the risks involved in the participation by a shareholder in the Offer. The shareholders of APLI are advised to consult their stockbroker or investment consultant, if any, for further risks with respect to their participation in the Offer. 3 TABLE OF CONTENTS DEFINITIONS ...................................................................................................................................................... 4 1 DISCLAIMER CLAUSE ...................................................................................................................... 6 2 DETAILS OF THE OFFER ................................................................................................................. 6 2.1 BACKGROUND ..................................................................................................................................... 6 2.2 THE DETAILS OF THE OFFER............................................................................................................ 9 2.3 OBJECT OF THE OFFER AND ACQUIRER’ FUTURE PLANS FOR APLI .................................... 10 3 BACKGROUND OF THE ACQUIRER .................................................................................................... 11 3A Background of Hoechst GmbH (“HG”/”PAC”) ....................................................................................... 55 4 DISCLOSURE IN TERMS OF REGULATION 21(3) ............................................................................. 60 5 BACKGROUND OF AVENTIS PHARMA LIMITED (“APLI”/ “TARGET COMPANY”) ............... 60 6 OFFER PRICE AND FINANCIAL ARRANGEMENTS ........................................................................
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