STERLITE RAISES INDAL OFFER TO Rs221, ALCAN LAGS AT Rs175
Article Abstract:
Sterlite Industries (SI) has raised its offer price for acquiring a 52.03 percent stake in Indian Aluminium Ltd (Indal) to Rs221. The final offer price of Alcan Aluminium (AA) is Rs175. SI proposes to buy 37 million shares in Indal. It had earlier offered Rs115 per share. SI has offered to pay the new price even to those shareholders who had submitted Indal shares under the earlier offer. It has also given the Indal shareholders the option of converting preference shares into SI equity shares after 18 months from the date of allotment. AA plans to challenge SI's offer as it contends that the offer is not a revision allowed by the takeover code. (ag)
Comment:
Raises offer price to Rs221 per share for acquiring a 52.03% stake, or 37 mil shares, in Indian Aluminium
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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STERLITE MULLS POSSIBILITY OF INDAL MERGER
Article Abstract:
Sterlite Industries Ltd (SIL) plans to merge with Indian Aluminium (Indal), if its revised open offer is accepted by Indal. SIL had increased its offer price for Indal to Rs221 with Rs131 in cash and Rs90 in optionally convertible preference shares on May 25, 1998. Alcan of Canada has also increased its offer price by 50 percent to Rs175 per share. SIL will fund the takeover through funds of Rs370 crore from Department of Telecommunication, Rs333 crore from the OCPS issue, through internal accruals and small borrowings. (gsh)
Comment:
Increases offer price for Indian Aluminium to Rs221 w/ Rs131 in cash & Rs90 in optionally convertible preference shares
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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STERLITE SETS RIDER TO BUY INDAL SHARES
Article Abstract:
Sterlite Industries Ltd (SIL) has decided to complete the legal formalities regarding preferential issue before accepting the shares got from the shareholders of Indian Aluminium Company Ltd (Indal). SIL, which has secured a 1.4 percent stake in Indal through its open offer, is yet to settle the payment. Indal's scrip is now trading at Rs75 as compared to Sterlite's offer of Rs221. (ag)
Comment:
Decides to complete legal formalities on preferential issue before accepting shares got from shareholders of Indian Aluminium
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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