On account of the skepticism over the takeover of the struggling Australian drugs group, South Africa's largest drug Company Aspen Pharma has scratched its offer for Sigma Pharmaceuticals by 8% to $648 million. The share of Aspen has been reduced to $0.55 from $0.60, after scrutinizing the books of accounts and profit statements of Sigma last week, according to which Sigma will be facing hard times till 2012.

The new bid is 39% above Sigma's last trade. The original bid was 71% above Sigma's share price.

Sigma forbade its shareholders to take any new action on this offer.

According to analysts, sigma will be in a fix to accept this lower offer as it was trading at more than double on account of this. Its shares opened 16% higher at $0.46 after the new offer was announced, but investors' doubts about the prospects for a deal kept its price well below the new offer price.

Aspen will be examining Sigma’s financial accounts on August 2, according to Sigma’s statement.

As per Sigma, their share price tattered last month when three of its top executives gave resignation, which triggered a plunge in stock price by 48%. This loss will affect the profitability of the whole year.