Thursday 17 April 2014
News updated at 5:54 PM IST
Weather
Max: 34.6°C
Min : 22.4°C
In Bangalore
Sunny day

Diageo to launch USL tender offer on Jan 7

New Delhi, Nov 20, 2012, Reuters:

Diageo Plc will launch a mandatory share tender offer to buy up to 26 per cent additional stake in United Spirits Ltd from public shareholders on January 7, the manager to the offer said in a notice to the Bombay Stock Exchange.

Earlier this month, Diageo agreed to buy a majority stake in United Spirits, controlled by businessman Vijay Mallya, for $2.1 billion, fuelling a push by the world's biggest spirits group into fast-growing markets.

The tender offer, which is part of the two-tranche deal that will give Diageo a 53.4 percent stake in India's largest spirits company, will close on January 18, JM Financial said in a notice to the exchange on Tuesday.


Shares in United Spirits ended up 0.6 per cent at Rs 1,762, higher than Diageo's offer of Rs 1,440 a share to minority shareholders. The sharp jump in the stock has clouded the outcome of the tendering process, analysts said.

United Spirits shares have risen more than 30 per cent since the announcement of the deal on November 9.

Go to Top

Photo Gallery
India's new Naval Chief, Admiral Robin K Dhowan inspects a Guard of Honour at Defence...

India's new Naval Chief, Admiral Robin K Dhowan inspects a Guard of Honour at Defence...

Vikramaditya Motwane, Karan Johar, Vikas Bhal, actor Ranbir Kapoor and Anurag Kashyap during a ...

Vikramaditya Motwane, Karan Johar, Vikas Bhal, actor Ranbir Kapoor and Anurag Kashyap during a ...

A 109-yr-old voter shows her identity card after casting her vote for Lok Sabha elections at a ...

A 109-yr-old voter shows her identity card after casting her vote for Lok Sabha elections at a ...

Voters stand in a queue to cast their votes for 5th phase of Lok Sabha elections in Jalpaiguri...

Voters stand in a queue to cast their votes for 5th phase of Lok Sabha elections in Jalpaiguri...

Senior citizens being carried on a bullock cart for casting votes for Lok Sabha polls near ...

Senior citizens being carried on a bullock cart for casting votes for Lok Sabha polls near ...

Muslim women show their inked fingers after casting votes for Lok Sabha elections in Moradabad on...

Muslim women show their inked fingers after casting votes for Lok Sabha elections in Moradabad on...

First times voters showing their inked fingers after casting votes at a polling station during...

First times voters showing their inked fingers after casting votes at a polling station during...

An anti-government protester with her face painted in the colors of Venezuela's flag with the...

An anti-government protester with her face painted in the colors of Venezuela's flag with the...

Rescue boats sail around the South Korean passenger ship 'Sewol' which sank, during their rescue...

Rescue boats sail around the South Korean passenger ship 'Sewol' which sank, during their rescue...

A masked penitent takes part in the procession of the 'Santa Veracruz'' brotherhood, during Holy...

A masked penitent takes part in the procession of the 'Santa Veracruz'' brotherhood, during Holy...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523