Business Daily from THE HINDU group of publications
Saturday, Jun 07, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Jun 07, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Mergers & Acquisitions Markets - Stocks Our Bureau Mumbai, June 6 Zandu has dropped its proposal to issue equity shares, warrants and other convertible instruments that the company was to issue promoters, relatives and other associates, the company told the Bombay Stock Exchange. Zandu’s shares on the BSE fell close to four per cent on Friday. The company has been in the spotlight after Emami had picked up 27.5 per cent equity in Zandu, slated to go upto 47.5 per cent after the open-offer process. Emami had crossed the open offer trigger of 15 per cent, whereby a company acquiring equity shares in another would have to make an open offer to shareholders in the target company, Zandu in this case. Emami shares too were down over three per cent at Rs 267.50 on the BSE, on Friday. Zandu’s promoter family, the Parikhs are believed to be unhappy with Emami picking up equity in the over 90 year old company. And a source familiar with the development had indicated that the company was looking at various options, with a legal presentation on the transaction slated to be made before the company’s board meeting on Friday. More Stories on : Mergers & Acquisitions | Stocks
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