Ranbaxy just sent "clarification" that its recent bid for Merck's generics business was exploratory and non-binding....and corrected the projected value of that business, which had been reported. Below, the statement from corporate communications. "...While it is not Ranbaxy's policy to comment on M&A proposals, in view of the erroneous reports in sections of the media on the bids for the Merck Generics Business, Ranbaxy wishes to clarify that it has made a non binding bid for the asset , at a value it considers fair and reasonable. The figure of USD 6 Bn mentioned in the media reports is factually incorrect and speculative.
Mr. Malvinder Singh, CEO and MD, Ranbaxy, said, "We are looking to evaluate the asset and are going to be very practical about it. We are not in a rat race for acquisitions but are focused on creating value for our shareholders."