Melbourne - South Africa's Aspen Pharmacare cut its offer for Australian drugs group Sigma Pharmaceuticals by eight percent to A$648-million following a review of its books, Sigma said on Wednesday.
Sigma told shareholders to take no action on the new offer.
Aspen, Africa's largest drug company, reduced its offer to A$0.55 a share from A$0.60 a share, in its bid to expand in the fast-growing generic drugs market.
The new bid is 39 percent above Sigma's last trade. The original bid was 71 percent above Sigma's share price the day before the bid was announced on May 21.
Sigma's shares have been battered this year after the company was forced to take a hefty writedown on its generic drugs business and its chairman and chief executive stepped down. - Reuters