Financial Daily from THE HINDU group of publications
Friday, Jan 21, 2005
Financial Daily from THE HINDU group of publications Friday, Jan 21, 2005 |
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Corporate
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Mergers & Acquisitions Mallya happy with bid value for SWC liquor biz Our Bureau
Bangalore , Jan. 20 THE UB Group Chairman, Mr Vijay Mallya, hopes to emerge as the preferred bidder, as he has offered the highest price, for Shaw Wallace & Co's (SWC) liquor business. The Dubai-based Jumbo Group, which manages SWC, mandated McKinsey Singapore to call for bids from potential suitors, and the last date for filing the bids was January 12. The two serious bidders included the UB Group and Mr Ramesh Vangal-Newbridge combine even though the Edinburgh-based Whyte & Mackay have also expressed their interest to broadbase their existing ties with SWC. "McKinsey has told me that my bid is the highest," Mr Mallya said. Asked whether he expected to emerge as the preferred bidder, he added: "What else is the purpose of the bids?" It must be mentioned that Jumbo World Holdings' board meeting on January 15 in Dubai was marred by differences of opinion and could not decide on any one winning bid, raising fears that it could put the sell-off process in limbo. Replying to a query, Mr Mallya said McKinsey has not indicated any timeframe for completing the sale. "The ball is now in the court of the sellers as to what they should do next," he added. Mr Mallya said he was satisfied with his bid price, and ruled out the possibility of revising his bid value. "I hear that the bid prices were very close, and it gives me satisfaction that I can justify the offer price I have made," he said. SWC liquor sales are pegged at 15 million cases annually, a distant second behind UB's combined spirits sales of 38.5 million cases.
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