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Tata to pay 608 pence per Corus share

Tata to pay 608 pence per Corus share
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First Published: Wed, Jan 31 2007. 08 44 PM IST
Updated: Wed, Jan 31 2007. 08 44 PM IST
PTI
Tata Steel said the final offer of 608 pence per Corus share is an increase of about 33.6% compared to its original bid of 455 pence made in October last year.
The final share price is a premium of about 68.7 %to the average closing mid-market price of 360.5 pence per Corus share for the twelve months ended October 4, 2006, which was the last business day prior to the announcement by Tata Steel that it was looking at Corus.The final offer is a premium of about 21.6 %to the revised acquisition announced by Tata Steel on December 10, 2006 at a price of 500 pence per Corus share.
Tata Steel said further details of the revised offer will be contained in a circular which is expected to be posted by Corus to its shareholders before an extraordinary general body meeting to be convened by the UK-based company shortly.
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First Published: Wed, Jan 31 2007. 08 44 PM IST
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