Financial Daily from THE HINDU group of publications
Wednesday, Mar 22, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 22, 2006 |
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Corporate
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Mergers & Acquisitions Markets - Open Offers Holcim not to revise open offer price for Gujarat Ambuja Our Bureau
Mumbai , March 21 Holcim's open offer price for Gujarat Ambuja Cements Ltd (GACL) will not be revised, said managers to the offer, keen to scotch rumours of a revision following GACL's rise on the bourses this month. Early this month, the GACL scrip crossed the open offer price and it has steadily risen ever since; with it, speculation about a revision of the open offer has also been steadily rising. On March 1, GACL closed at Rs. 90.75 on the BSE. This was higher than the open offer price of Rs 90.64 a share. On Monday, the scrip closed at Rs 98.75 on the BSE. It is quite possible that the price itself is reacting to market rumours, said the managers to the issue. Holcim acquired a 14.8-per-cent stake in GACL earlier this year at Rs 105 per share from the promoters of the company. This price contained a premium of Rs 15 per share for a non-compete assurance. Holcim's open offer for The Associated Cement Companies (ACC) did not fetch the multinational a majority stake in the company although it clearly made it the single largest stakeholder. The ACC offer for a 36.4-per-cent stake got Holcim an additional 20 per cent stake; Holcim ultimately had about 34 per cent in ACC instead of the targeted 50-plus per cent stake.
Related Stories: More Stories on : Mergers & Acquisitions | Open Offers | Cement | Gujarat Ambuja Cements Ltd
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