This story is from May 11, 2007

UK-based Tudor backs Torrent's bid for Merck

Swati Bharadwaj-Chand & Nimish Shukla / TNN / May 11, 2007, 05:58 IST

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Media reports in London too acknowledge that Torrent was no push-over.

UK-based Tudor backs Torrent's bid for Merck

AHMEDABAD: As the race for Merck's global generics business inches closer to the finishing post, Torrent Pharma's bid has got bolstered with the $16.8 billion UK-based Tudor group too now learnt to be supporting the Ahmedabad-based minnow's soaring ambitions. Latest reports indicate that Tudor Investment Corporation has now joined the consortium of private equity players, comprising UK-based Greater Pacific Capital and US based Fortess Group, which is backing Torrent's bid.
Media reports in London too acknowledge that Torrent was no push-over.One leading financial daily stated that the Torrent group consortium had "emerged as a surprise front-runner" with backers like Greater Pacific, Fortress and Tudor Investment.
According to sources, Tudor's entry into this consortium at such a crucial stage indicates the seriousness of the Torrent bid that is estimated to be over $6-billion. Torrent is facing tough competition from global giants Teva Pharmaceuticals of Israel and Mylan of US in this takeover bid.
Till recently, the news of Torrent's being in the fray was taken with a pinch of salt by most in the pharma world as few refused to believe that a mid-sized player like Torrent could dare to venture into a battle from which even India's largest player Ranbaxy withdrew. But now, analysts say that Tudor's entry indicates the high level of confidence that global financers have reposed in the Ahmedabad-based company and its ability to manage such global scale of operations.
This takeover battle is expected to draw to a close by May-end as the three bidders have been told to submit final offers in two weeks.

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